{"id":25577,"date":"2017-09-13T10:08:06","date_gmt":"2017-09-13T15:08:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25577"},"modified":"2017-09-13T10:08:06","modified_gmt":"2017-09-13T15:08:06","slug":"wtirbob-sink-after-big-crude-build-production-jump-offsets-greatest-gasoline-inventory-draw-in-history","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25577","title":{"rendered":"WTI\/RBOB Sink After Big Crude Build, Production Jump Offsets Greatest Gasoline Inventory Draw In History"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2017-09-13\/wtirbob-algos-confused-after-greatest-gasoline-inventory-draw-history-offsets-big-cr\">WTI\/RBOB Sink After Big Crude Build, Production Jump Offsets Greatest Gasoline Inventory Draw In History<\/a><\/h3>\n<section class=\"node node-type-story node-full node-nid-603411\">\n<div class=\"content\">\n<p>WTI and RBOB prices are higher this morning following API&#8217;s reported the biggest gasoline draw in history (compared to EIA data). Of course, disruptions (Florida demand and Texas supply) remain dominant but <strong>DOE reports a massive 8.4mm draw in Gasoline inventories &#8211; the biggest draw ever<\/strong>. The reaction in prices is anti-climactic as production rebounded and crude built dramatically to offset the exuberance.<\/p>\n<p>Bloomberg&#8217;s Javier Blas reminds readers that the report covers the period from 7:01 am on Friday, Sept. 1 to 7:00 am on Friday, Sept. 8. <strong>So a lot of disruption from Harvey (particularly from Sept. 1, 2, and 3) will still impact everything from refining intake to crude production and U.S. imports and exports.<\/strong><\/p>\n<p><strong>API<\/strong><\/p>\n<ul>\n<li><strong>Crude +6.181mm (+4.82mm exp)<\/strong><\/li>\n<li>Cushing +1.32mm (+1.6mm exp)<\/li>\n<li><strong>Gasoline -7.896mm (-1.5mm exp) &#8211; biggest draw ever<\/strong><\/li>\n<li>Distillates-1.805mm<\/li>\n<\/ul>\n<p><strong>DOE<\/strong><\/p>\n<ul>\n<li><strong>Crude +5.888mm (+4.82mm exp) &#8211; biggest build in 6 mos<\/strong><\/li>\n<li><strong>Cushing +1.023mm (+1.6mm exp- biggest build in 6 mos<\/strong><\/li>\n<li><strong>Gasoline -8.428mm (-1.5mm exp) &#8211; biggest draw ever<\/strong><\/li>\n<li><strong>Distillates -3.215mm &#8211; biggest draw in 6 mos<\/strong><\/li>\n<\/ul>\n<p>Bloomberg Intelligence energy analyst Vince Piazza notes that<strong> the impact from hurricane season will keep crude demand subdued, with roughly two million barrels of daily refining capacity off-line.<\/strong> Depressed gasoline consumption should persist temporarily on lower transportation use and suppressed refining utilization.<\/p>\n<p><strong>Gasoline inventories confirmed API&#8217;s data and saw the biggest draw in history as Crude and Cushing saw major builds&#8230;<\/strong><\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/10\/20170913_DOE2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/10\/20170913_DOE2_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p><strong>The bearish data point is that total U.S. petroleum inventories (that&#8217;s crude, refined products, propane and the volatile &#8220;other oils&#8221; category) have built for the second consecutive week. <\/strong><\/p>\n<p>Total stocks up 1.7 million barrels, driven by big builds in crude, propane and other oils.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/10\/20170913_DOE4.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/09\/10\/20170913_DOE4_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\/RBOB Sink After Big Crude Build, Production Jump Offsets Greatest Gasoline Inventory Draw In History WTI and RBOB prices are higher this morning following API&#8217;s reported the biggest gasoline draw in history (compared to EIA data). Of course, disruptions (Florida demand and Texas supply) remain dominant but DOE reports a massive 8.4mm draw in Gasoline [&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":[3105,4274,251,595,1451,4318],"class_list":["post-25577","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-api","tag-doe","tag-eia","tag-oil-production","tag-west-texas-intermediate","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25577","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=25577"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25577\/revisions"}],"predecessor-version":[{"id":25578,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25577\/revisions\/25578"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}