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WTI Extends Losses After Crude, Gasoline Builds
11-27-2019, 11:50 AM,
#1
WTI Extends Losses After Crude, Gasoline Builds
WTI Extends Losses After Crude, Gasoline Builds

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">WTI Extends Losses After Crude, Gasoline Builds</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Oil prices roller-coastered overnight after a bigger than expected crude build (from API) sent prices lower before yet more trade-deal optimism sent prices higher this morning, before sliding back to pre-API levels ahead of the official data.</p>

<blockquote>
<p>“Despite national growth in gasoline inventories, which are quite common in the autumn as refiners emerge from maintenance, concerns are growing for the extended impact of the loss of the PES refinery in Philadelphia,” Tom Finlon, director of Energy Analytics Group Ltd in Wellington, Florida, said in a note.</p>
</blockquote>

<p> </p>

<p><u><strong>API</strong></u></p>

<ul><li>
<p><strong>Crude +3.639mm</strong></p>
</li>
<li>
<p>Cushing -516k</p>
</li>
<li>
<p><strong>Gasoline +4.378mm</strong></p>
</li>
<li>
<p>Distillates -665k</p>
</li>
</ul><p><u><strong>DOE</strong></u></p>

<ul><li>
<p><strong>Crude +1.57mm (-878k exp)</strong></p>
</li>
<li>
<p>Cushing -97k</p>
</li>
<li>
<p><strong>Gasoline +5.132mm (+800k exp) - biggest build since Jan 2019</strong></p>
</li>
<li>
<p>Distillates +725k</p>
</li>
</ul><p>After API reported big surprise builds in crude and gasoline, official data showed a smaller crude build of 1.57mm barrels and a huge gasoline build of 5.13mm barrels (also Distillates built for for the first time in 10 weeks)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm3A22.jpg?itok=hl5KCRL2" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm3A22.jpg?itok=hl5KCRL2"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3A22.jpg?itok=MPQp6sKi 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3A22.jpg?itok=MPQp6sKi 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3A22.jpg?itok=MPQp6sKi 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=MPQp6sKi 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3A22.jpg?itok=MPQp6sKi 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm3A22.jpg?itok=hl5KCRL2 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="f2e57686-ade1-4002-9c6c-e2d02d98dfca" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm3A22.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p><strong>Overall crude inventories are at their highest since July.</strong></p>

<p>US crude production continues top rise to new record highs ignoring the ongoing collapse in the US oil rig count.....</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm742A.jpg?itok=MoGtspp7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm742A.jpg?itok=MoGtspp7"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm742A.jpg?itok=akIX5kK4 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm742A.jpg?itok=akIX5kK4 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm742A.jpg?itok=akIX5kK4 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=akIX5kK4 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm742A.jpg?itok=akIX5kK4 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm742A.jpg?itok=MoGtspp7 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="76e2e0b1-ac0a-4030-a5b2-48eb763106ae" data-responsive-image-style="inline_images" height="257" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm742A.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Notably, Bloomberg points out that <strong>output is up around 760,000 bpd this year. That's a stark difference from the gain of more than 2 million bpd from December 2017 to December 2018. </strong></p>

<p>WTI hovered around $58.30, pre-API levels, ahead of the DOE data.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-11-27_7-31-52.jpg?itok=fH6WJdQ-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-11-27_7-31-52.jpg?itok=fH6WJdQ-"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-27_7-31-52.jpg?itok=pXJBL4_m 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-27_7-31-52.jpg?itok=pXJBL4_m 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-27_7-31-52.jpg?itok=pXJBL4_m 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=pXJBL4_m 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-11-27_7-31-52.jpg?itok=pXJBL4_m 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-11-27_7-31-52.jpg?itok=fH6WJdQ- 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="4977999d-0169-437d-8786-e53b8fed5be4" data-responsive-image-style="inline_images" height="263" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-11-27_7-31-52.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Finally, Bloomberg Intelligence's Senior Energy Analyst Vince Piazza explains that<em><strong> "actions will speak louder than words at next week’s OPEC+ meeting, </strong>with tighter compliance to output curbs and an extension of the cuts beyond their March expiration needed to inspire the market. A trade truce between China and the U.S. is less of a factor, as negotiations are likely to be drawn out."</em></p>
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<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
</span>
<span property="schema:dateCreated" content="2019-11-27T15:35:33+00:00" class="field field--name-created field--type-created field--label-hidden">Wed, 11/27/2019 - 10:35</span>

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