{"id":26983,"date":"2017-10-18T10:14:36","date_gmt":"2017-10-18T15:14:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26983"},"modified":"2017-10-18T10:14:36","modified_gmt":"2017-10-18T15:14:36","slug":"oil-algos-shocked-as-us-crude-production-crashes-most-in-over-5-years","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26983","title":{"rendered":"Oil Algos Shocked As US Crude Production Crashes Most In Over 5 Years"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2017-10-18\/oil-algos-shocked-us-crude-production-crashes-most-over-5-years\">Oil Algos Shocked As US Crude Production Crashes Most In Over 5 Years<\/a><\/h3>\n<section class=\"node node-type-story node-full node-nid-605557\">\n<div class=\"content\">\n<p>Following <a href=\"http:\/\/www.zerohedge.com\/news\/2017-10-17\/wti-shrugs-despite-huge-crude-draw\">API&#8217;s huge 7.1mm barrel crude draw overnight,<\/a> WTI prices are slightly higher (driven more by OPEC jawboning) as last week&#8217;s API errors are still on traders&#8217; minds, but DOE confirmed a big crude draw but <strong>notable builds in gasoline and distillates surprised<\/strong>. However, the biggest headline is likely the <strong>11%-plus collapse in US crude production<\/strong>&#8230;<\/p>\n<p><strong>API<\/strong><\/p>\n<ul>\n<li><strong>Crude -7.13mm (-3.2mm exp) &#8211; biggest draw in 2 months<\/strong><\/li>\n<li><strong>Cushing -151k &#8211; first draw in 2 months<\/strong><\/li>\n<li>Gasoline +1.951mm (+1.05mm exp)<\/li>\n<li><strong>Distillates +1.644mm &#8211; biggest in 3 months<\/strong><\/li>\n<\/ul>\n<p><strong>DOE<\/strong><\/p>\n<ul>\n<li>Crude -5.73mm (-3.2mm exp)<\/li>\n<li>Cushing +202k<\/li>\n<li>Gasoline +908k (+1.05mm exp)<\/li>\n<li>Distillates +528k (-1.5mm exp)<\/li>\n<\/ul>\n<p>Traders clearly did not trust the API data (after last week&#8217;s flip-flop) but DOE confirmed a big draw and notable builds in both gasoline and distillates&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE1_0.jpg\" width=\"600\" height=\"318\" \/><\/a><\/p>\n<p>As a reminder &#8211;<em><strong> Supplies remain bloated at about 21% above the five year average despite rising exports.<\/strong><\/em><\/p>\n<p>US Crude imports from Venezuela and Saudi Arabia have collapsed to record lows&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE5.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE5_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>Following the previous week&#8217;s drop in production, <strong>this week saw a 12% collapse in US Lower 48 output &#8211; presumably affected by Hurricane Nate!! <\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE2_0.jpg\" alt=\"\" \/><\/p>\n<p><strong>The biggest drop since Hurricane Isaac in Aug 2012<\/strong><\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE4.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE4_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>Energy complex prices had limped higher into the DOE print &#8211; with even OPEC jawbining unable to really budge them&#8230; and the oil agos are completely bewildered now after the collapse in production&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE3.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/10\/17\/20171018_DOE3_0.jpg\" alt=\"\" \/><\/a><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Oil Algos Shocked As US Crude Production Crashes Most In Over 5 Years Following API&#8217;s huge 7.1mm barrel crude draw overnight, WTI prices are slightly higher (driven more by OPEC jawboning) as last week&#8217;s API errors are still on traders&#8217; minds, but DOE confirmed a big crude draw but notable builds in gasoline and distillates [&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":[595,827,4318],"class_list":["post-26983","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26983","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=26983"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26983\/revisions"}],"predecessor-version":[{"id":26984,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26983\/revisions\/26984"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}