After last night’s surprise API-reported crude build, oil prices dipped and ripped on a tumbling dollar heading into this morning’s DOE data and then jumped higher as DOE negated API’s build by reporting a 1.75mm draw (less than the expected 2.67mm though). This is the 6th weekly crude draw in a row. Gasoline and Distillates also saw draws. After 14 weeks of production rises, US crude output dropped last week.
API
DOE
Unlike API, DOE reported a crude draw – the 6th weekly draw in a row…though we note this draw was less than expectations (as was the Gasoline draw)
Interestingly, Bloomberg’s Bert Gilbert notes a very large jump in other oils stockpiles this week, drives total stocks higher. This is the biggest week on week increase in other oils stocks since 2010.
After 14 weeks of production rises, US crude output dropped last week.
WTI/RBOB dropped on the APi print but the collapse in the dollar has sparked buying into the DOE print. Notably energy was offered into the print but once the data hit spiked higher…
