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WTI Extends Losses After Production Rebounds To Record

WTI has slid lower overnight following API’s surprise large crude build (and no equity pump) and was unable to hold gains after a bigger than expected gasoline build (and tiny crude draw) along with a production rebound to record highs.

If U.S. crude output rises, it’s likely to see more inventory builds, according to Stewart Glickman, an energy equity analyst at CFRA Research. “The Permian has surprised to the upside over the last couple of months,” he says.

API

  • Crude +6.92mm
  • Cushing +1.76mm
  • Gasoline +3.67mm
  • Distillates -598k

DOE

  • Crude _46k (+3.4mm exp)
  • Cushing +799k
  • Gasoline +3.003mm (+1.0mm exp)
  • Distillates +2k

Tiny crude draw (4th week in a row) but another Cushing build along with a rise in gasoline stocks took the edge off for the bulls.

US Crude production had stalled from its never ending surge higher in recent weeks as the rig count stabailized but rebounded to record highs last week…

 

WTI hovered around $44.50 into the DOE print and was very modestly lower after….

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