WTI/RBOB Stumble After Mixed Inventory Data, 16th Straight Week Of Increased Crude Production

Jon Market Commentary

WTI/RBOB prices were relatively unchanged from last night’s API inventory print (despite some volatility from OEPC headlines) ahead of the DOE print, but that did not last long as Crude saw a much bigger than expected draw (-4.43mm vs -2mm exp) and gasoline a considerably smaller draw than API (-787k vs -3.18mm API) and the same with distillates. Lower 48 crude production rose for the 16th straight week and seemed to take the shine off the inventory data – sending WTI/RBOB prices lower.
API
Crude -1.5mm (-2mm exp) Cushing -210k Gasoline -3.15mm (-1.08mm exp) Distillates -1.85mm

This post was published at Zero Hedge on May 24, 2017.