WTI/RBOB Sink As Inventory Draws Disappoint

Jon Alternative Media, Blogosphere, Energy

WTI/RBOB held on to gains overnight following major draws reported by API and more OPEC jawboning (this time from UAE), but the DOE data disappointed compared to API’s huge draws with Crude and Gasoline drawing down but considerably less than API reported (and Distillates barely drawing down at all).
Bloomberg Intelligence energy analyst Fernando Valle:
Strong demand continues to spur inventory drains. Crude-oil stocks remain elevated, but refined-product inventories are looking increasingly tight.
Wide WTI discounts to Brent are likely to push inventories down in coming weeks, driven by exports and increased refinery utilization.

This post was published at Zero Hedge on Nov 1, 2017.