After last week's record-breaking draw in Gasoline stocks, and big crude build, the noise from Harvey and Irma disruptions continues to add volatility to the data. API reported a smaller than expected crude build and bigger than expected gasoline (and distillates) draw sent prices for both WTI and RBOB higher.
API
- Crude +1.43mm (+3.9mm exp)
- Cushing +420k (+900k exp)
- Gasoline -5.063mm (-2.13mm exp)
- Distillates-6.13mm
A smaller than expected crude build and considerably bigger than expected draws in gasoline and distillates...
WTI and RBOB prices slipped lower on the day heading into the API print with Crude glued at $50...The kneejerk reaction was a spike in both WTI/RBOB...
