{"id":52069,"date":"2020-03-31T15:40:26","date_gmt":"2020-03-31T20:40:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52069"},"modified":"2020-03-31T15:40:33","modified_gmt":"2020-03-31T20:40:33","slug":"after-worst-quarter-ever-wti-extends-losses-on-massive-crude-gasoline-build","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52069","title":{"rendered":"After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build"},"content":{"rendered":"\n

After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build<\/a><\/h3>\n\n\n\n

After its worst quarter ever,<\/strong> as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to new inventory data as Standard Chartered analysts, including Emily Ashford warned in a report, oil tanks around the world could fill in six weeks, a move that will likely force significant production shut-downs,<\/p>\n\n\n\n

\u201cHuge inventory builds, potentially exhausting spare storage capacity, will mean that market balance requires an unprecedented output shutdown by producers,\u201d <\/strong><\/em>they wrote.<\/p><\/blockquote>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

So, eyes down…<\/p>\n\n\n\n

“There is the very real possibility that this week’s storage reports could be the energy patch version of last Thursday’s Weekly Jobless Claims,”<\/strong><\/em> Robert Yawger, Mizuho Securities USA’s director of energy said in a note.<\/p>

“I would expect the numbers to be supersized and challenge multi-year highs\/lows on multiple data points. Of course, I have been expecting big numbers for the past couple week, but the fireworks have not happened. That leads me to believe that the data explosion will likely happen this week … Exports will likely be down big, and refinery utilization will likely pull back dramatically. That will leave a lot of crude oil on the sidelines … EIA crude oil storage has been higher for nine weeks in a row. Storage will likely double up and increase at the rate of around 10 million for another nine weeks…at least.”<\/p><\/blockquote>\n\n\n\n

API<\/strong><\/p>\n\n\n\n

  • Crude +10.485mm (+4.6mm exp) – biggest build since Feb 2017<\/strong><\/li>
  • Cushing +2.926mm – biggest build since Feb 2019<\/strong><\/li>
  • Gasoline +6.058mm (+3.6mm exp) – biggest build since Jan 2020<\/strong><\/li>
  • Distillates -4.458mm (-600k exp)<\/li><\/ul>\n\n\n\n

    While analysts expected the trend of crude builds to continues they unexpectedly saw a gasoline inventory build last week – bucking the 8-week trend of draws… and it with a huge crude and gasoline build last week<\/strong><\/p>\n\n\n\n

    \"\"\/
    Source: Bloomberg<\/em><\/figcaption><\/figure>\n\n\n\n

    \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

    After Worst Quarter Ever, WTI Extends Losses On Massive Crude & Gasoline Build After its worst quarter ever, as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to new inventory data as Standard Chartered analysts, including Emily Ashford warned in […]<\/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":[588,4318],"class_list":["post-52069","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52069","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=52069"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52069\/revisions"}],"predecessor-version":[{"id":52070,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52069\/revisions\/52070"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}