{"id":30614,"date":"2018-02-07T10:52:04","date_gmt":"2018-02-07T15:52:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30614"},"modified":"2018-02-07T10:52:35","modified_gmt":"2018-02-07T15:52:35","slug":"30614","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30614","title":{"rendered":"WTI\/RBOB Sink After US OIl Production Hits Record High, Surpassing Saudi"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><span class=\"field field--name-title field--type-string field--label-hidden\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-02-07\/wtirbob-sink-after-us-crude-production-explodes-record-high\">WTI\/RBOB Sink After US OIl Production Hits Record High, Surpassing Saudi<\/a><\/span><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>WTI\/RBOB held on to gains after <a href=\"https:\/\/www.zerohedge.com\/news\/2018-02-06\/wtirbob-rise-after-surprise-crude-inventory-draw\">last night&#8217;s surprise crude draw from API<\/a>, but <strong>quickly tumbled after DOE reported a 1.9mm crude build (2nd week in a row)<\/strong> and significant gasoline and distillate builds. However, US <strong>crude production&#8217;s massive spike to 10.25m b\/d<\/strong> was the big headline.<\/p>\n<p><u><strong>API<\/strong><\/u><\/p>\n<ul>\n<li>Crude -1.05mm (+3.15mm exp)<\/li>\n<li>Cushing -633k<\/li>\n<li>Gasoline -227k<\/li>\n<li>Distillates +4.552m<\/li>\n<\/ul>\n<p><u><strong>DOE<\/strong><\/u><\/p>\n<ul>\n<li><strong>Crude +1.895mm (+3.15mm exp)<\/strong><\/li>\n<li>Cushing -711k (-263k exp)<\/li>\n<li><strong>Gasoline +3.414mm (+500k exp)<\/strong><\/li>\n<li><strong>Distillates +3.926mm (-1.25mm exp)<\/strong><\/li>\n<\/ul>\n<p>Last week&#8217;s surprise (huge) crude build from DOE was dismissed by API overnight but <strong>DOE ruined that party and showed the second weekly crude build in a row<\/strong>. <strong>Gasoline and Distillates stocks resumed their rise&#8230;<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-02-07_7-33-10.jpg?itok=c4tIh3aL\" \/><\/p>\n<p>As Bloomberg&#8217;s David Marino notes, <strong>Total U.S. inventories grew the most since early September. <\/strong>It&#8217;s actually even a bigger deal than the headline number suggests: if not for a 6.4 million draw from propane\/propylene and &#8220;other&#8221; oils, we&#8217;d be looking at a 10 million barrel build.<\/p>\n<p><u><strong>But all eyes were once again on US crude production as it smashed above 10m b\/d.<\/strong><\/u><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-02-07_7-35-44.jpg?itok=8iPDfqqD\" \/><\/p>\n<p>As Bloomberg&#8217;s Julian Lee notes, <strong>that huge jump in crude production is not the result of a sudden burst of drilling. More likely it is the correction we expected after the earlier release of monthly data<\/strong> for November that showed production was already above 10 million barrels a day three months ago.<\/p>\n<p><strong>U.S. crude output hits a record high of 10.25 million bpd, surpassing both the monthly high set in Nov 1970, and Saudi Arabia&#8217;s latest production.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-02-07_7-41-29.jpg?itok=t4o83W8C\" \/><\/p>\n<p>The reaction in WTI\/RBOB was swift&#8230;<\/p>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-02-07_7-36-55.jpg?itok=G5Dwd-Yy\" \/><\/p>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WTI\/RBOB Sink After US OIl Production Hits Record High, Surpassing Saudi WTI\/RBOB held on to gains after last night&#8217;s surprise crude draw from API, but quickly tumbled after DOE reported a 1.9mm crude build (2nd week in a row) and significant gasoline and distillate builds. However, US crude production&#8217;s massive spike to 10.25m b\/d was [&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":[592,1474,4318],"class_list":["post-30614","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-price","tag-us-oil-production","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30614","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=30614"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30614\/revisions"}],"predecessor-version":[{"id":30616,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30614\/revisions\/30616"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}