WTI/RBOB Jump On Gasoline Draw As US Crude Production Tumbles Most Since August

Jon Economy

Last night’s unexpected API builds kneejerked prices lower but a weaker dollar helped levitate WTI/RBOB into the DOE print. While tropical depression Cindy may have affected the data, DOE reports a small build in crude (expectations for a draw) but all eyes were on gasoline which drew 894k, well below API’s build levels and expectation of no change. Production in the Lower 48 fell 55k b/d – the biggest drop since Aug 2016 (likely impacted by Cindy).
API
Crude +851k (-2.25mm exp) Cushing -678k Gasoline +1.351mm (unch exp) Distillates +678k (+350k exp) DOE
Crude +118k (-2.25mm exp) Cushing -297k (-600k exp) Gasoline -894k (unch exp) Distillates -223k (+934k exp)

This post was published at Zero Hedge on Jun 28, 2017.