Update: WTI/RBOB was fading after DOE data but then Kuwait dropped the following meaningless headline: OPEC JMMC RECOMMENDS EXTENSION, DIDN’T FINALIZE DURATION. And the algos took over…
Last night’s API-reported surprise crude build sparked selling that not even Russia/Saudi jawboning could rescue, but DOE data showed the exact opposite with a big crude draw and even bigger gasoline draw. Added to a new record high in US crude production and RBOB is fading and WTI is not rallying.
As Bloomberg reports, the U. S. has proven at least one thing this year with its expansion of crude and products exports: we are becoming more energy independent than ever before.
This post was published at Zero Hedge on Nov 29, 2017.