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WTI Crude Rises After Big Drawdown In Gasoline, Distillate Inventories
11-08-2016, 06:16 PM,
#1
WTI Crude Rises After Big Drawdown In Gasoline, Distillate Inventories
WTI Crude Rises After Big Drawdown In Gasoline, Distillate Inventories

<p>Following last week's record build in crude inventories, API reported a <strong>bigger than expected crude build</strong> this week (+4.40mm vs +2mm exp), but the <strong>huge draw in gasoline was the most notable</strong> (-3.6mm vs -1.5mm exp) as we suspect Colonial pipeline fallout affected levels. <strong>Distillates also saw the 7th consecutive draw </strong>(-4.3mm). WTI's initial reaction to the crude build was lower but the product draw sent priecs higher.</p>
<p><span style="text-decoration: underline;"><strong>API</strong></span></p>
<ul>
<li><strong>Crude +4.40mm (+2mm exp)</strong></li>
<li>Cushing +156k (+300k exp)</li>
<li><strong>Gasoline -3.6mm (-1.5mm)</strong></li>
<li><strong>Distillates -4.3mm</strong></li>
</ul>
<p>Following last week's biggest crude inventory build ever, crude built again but products saw a major drawdown...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/11/08/20161108_api1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/11/08/20161108_api1_0.jpg" style="width: 600px; height: 315px;" /></a></p>
<p>&nbsp;</p>
<p>WTI Crude futures prices are down from around $50 to $44 in the last two weeks (and down from last week's big build)... WTI was around $47 before last week's API print... Prices dipped on the crude build butthe product drawdowns sparked buying..</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/11/08/20161108_api2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/11/08/20161108_api2_0.jpg" style="width: 600px; height: 379px;" /></a></p>


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