WTI/RBOB Sink As Production Surge Trumps Inventory Drawdowns

API’s surprise crude draw sparked a recovery off Saudi production lows overnight in WTI and RBOB, and DOE’s data confirmed it with a 237k crude draw (against expectations for a 3.13mm build). Cushing saw the biggest build since the first week of December but Gaosline and Distillates saw big draws. However, yet another surge in US crude production appears to have trumped the inventory data and WTI/RBOB are fading for now.
API
Crude -531k ( 3.13mm exp) Cushing 2.06mm Gasoline -3.875mm (-2mm exp) Distillates -4.07mm DOE

This post was published at Zero Hedge on Mar 15, 2017.