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Following last night’s across the board inventrory drawdown from API, DOE data was more mixed with a surpsingly large build in gasoline stocks but bigger than expected Distillates and total crude inventory drawdowns. Production tumbled 0.63% MoM, the biggest drop in 2 months and back to Sept 2014 lows. Crude prices spiked above $49 for the firest time since Brexit.
API
- Crude -3.86mm (-2.5mm exp)
- Cushing -1.207mm (-900k exp)
- Gasoline -416k
- Distillates -832k
DOE
- Crude -4.05mm (-2.5mm exp)
- Cushing -951k (-900k exp)
- Gasoline +1.367mm
- Distillates -1.801mm
6th week of crude inventory draws, Distillates back into drawdown as Gasoline built.
Interestingly as Cushing saw a draw, East Coast inventories are soaring…
- U.S. EAST COAST GASOLINE STOCKS ROSE TO RECORD LEVELS LAST WEEK – EIA
Production dropped the most in 2 months…
Which has sent crude prices back above $49…
Charts: Bloomberg
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