WTI/RBOB prices chopped around today, but drifted lower into the API data which shocked both ways. A larger than expected crude build sparked WTI selling and the biggest gasoline draw since October sparked RBOB gains.
Crude +5.66mm (+3mm exp)
Cushing -790k exp
Gasoline -4.536mm – biggest draw since Oct 2017
Prices limped lower into the print, but WTI kneejerked lower and RBOB higher after the data…
“People are waiting to see: Will storage volumes point toward a tighter fundamental outlook?” said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. “It does appear as if we need more evidence that the rebalance continues to really ignite a rally again.”