{"id":25339,"date":"2017-09-07T10:16:34","date_gmt":"2017-09-07T15:16:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25339"},"modified":"2017-09-07T10:16:34","modified_gmt":"2017-09-07T15:16:34","slug":"wti-jumps-after-harvey-prompts-us-crude-production-collapse-biggest-inventory-build-in-6-months","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25339","title":{"rendered":"WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2017-09-07\/wti-jumps-after-harvey-prompts-us-crude-production-collapse-biggest-inventory-build-\">WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months<\/a><\/h3>\n<section class=\"messages-holder\"><\/section>\n<section class=\"node node-type-story node-full node-nid-603058 ads-injected\">\n<div class=\"sub-title-box\">Last night&#8217;s first glimpse of Harvey&#8217;s impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI\/RBOB prices slid into the DOE print and extended losses after a <strong>bigger than expected crude build (+4.58mm vs +4mm exp)<\/strong>. Gasoline and Distilates saw bigger draws than API reported but it was the <strong>collapse in Lower 48 crude production that stood out with most of Texas offline.<\/strong><\/div>\n<div class=\"content\">\n<p><strong>API<\/strong><\/p>\n<ul>\n<li><strong>Crude +2.79mm (+4mm exp) &#8211; biggest build in 5 months<\/strong><\/li>\n<li>Cushing +669k (+1mm exp)<\/li>\n<li><strong>Gasoline -2.544mm (-5.2mm exp) &#8211; biggest draw in 6 weeks<\/strong><\/li>\n<li>Distillates -610k<\/li>\n<\/ul>\n<p><strong>DOE<\/strong><\/p>\n<ul>\n<li>Crude +4.58mm (+4mm exp)<\/li>\n<li>Cushing +797k (+1mm exp)<\/li>\n<li>Gasoline -3.20mm (-5.2mm exp)<\/li>\n<li>Distillates -1.396mm<\/li>\n<\/ul>\n<p><strong>The inventory changes reported by the API were much smaller than those forecast by analysts. <\/strong>As a reminder, Saxo Bank&#8217;s Ole Hanson notes that &#8220;inventory data later is a lot of moving parts which could be quite skewed away from what we\u2019ve seen in recent weeks.&#8221; Additionally, <strong>investors \u201care going to be skeptical of the data,\u201d<\/strong>\u00a0James Williams, an economist at energy researcher WTRG Economics, told Bloomberg. <strong><em>\u201cIt might be pretty flaky data this week and next, so I don\u2019t expect to see a big market-mover\u201d<\/em><\/strong><\/p>\n<p>Bloomberg&#8217;s Fernando Valle notes <strong>energy&#8217;s past week was all about Hurricane Harvey as refineries shuttered, choking output and hauling down inventories of gasoline and distillates<\/strong>.<\/p>\n<p>Bigger than expected crude build and bigger gasoline and distillate draws than API reported&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe2_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>As one might expect, Gulf Coat imports fell to a record low.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe3.jpg\" alt=\"\" \/><\/p>\n<p>Production declined in the previous week, and with most of Texas ofline last week &#8211; Crude production in the Lower 48 collapsed&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe_0.jpg\" alt=\"\" \/><\/a><\/p>\n<div class=\"injected-ad-wrapper\">\n<div class=\"injected-ad-container\">\n<div id=\"google_ads_iframe_\/5206\/invc.zerohedge\/options_4__container__\">WTI and RBOB have drifted lower after last night&#8217;s API data, heading into the DOE data. The kneejerk reaction to the crude build, gas draw and production crash was higher prices&#8230;<\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe1.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/06\/20170907_doe1_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months Last night&#8217;s first glimpse of Harvey&#8217;s impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI\/RBOB prices slid into the DOE print and extended losses after a bigger than expected crude build (+4.58mm vs +4mm exp). [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[3378,15724,595,1451,895,4318],"class_list":["post-25339","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-gasoline","tag-hurricane-harvey","tag-oil-production","tag-west-texas-intermediate","tag-wti","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25339"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25339\/revisions"}],"predecessor-version":[{"id":25340,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25339\/revisions\/25340"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}