WTI/RBOB Pump’n’Dump After Gasoline Build, Production Surge

Following API’s reported build in gasoline (and distillates), oil prices have chopped around amid Saudi headlines and OPEC jawboning, as all eyes are focused on gasoline inventories in the DOE report. An unexpedted draw in Gasoline (and Crude draw) sent prices higher initially, but another surge in production capped some of the gains and prices fell back.
Crude -2.72mm (-1.2mm exp) Cushing -1.269mm Gasoline +346k (+500k exp) Distillates +1.837mm DOE
Crude -2.45mm (-1.2mm exp) Cushing (-579k exp) Gasoline -578k (+500k exp) Distillates +1.08mm (+500k exp)

This post was published at Zero Hedge on Jun 21, 2017.