WTI/RBOB prices jumped intraday on the heels of anonymous and ambiguous headlines about Saudi and OPEC production cut extensions and extended gains on API inventory data. After last week’s surprise builds in crude (and at Cushing), API showed a 1.3mm draw in crude inventories – the biggest since Dec 2016. Gasoline and Distillates continued their season drawdowns also.

API

  • Crude -1.3mm (-1.5mm exp)
  • Cushing (+800k exp)
  • Gasoline -3.7mm (-1mm exp)
  • Distillates -1.6mm (-1mm exp)

    • Biggest crude draw of the year as the seasonal draws in gasoline and distillates continues…

     

    And the reaction – after WTI has risen for 6 straight days – was further gains for both oil and gasoline futures…

     

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