This was hinted at in the API numbers yesterday but it’s still an astonishing build.
- Gasoline -1011K vs -560K expected
- Distillates +252K vs -1594K exp
There were some waves late yesterday when the API survey showed this:
- Crude +11.4m
- Gasoline -1530K
- Distillates -2770K
So even with this tip-off in the API report, this is still a very bearish number. That said, these numbers have been all over the place since the removal of Venezuelan sanctions so I’m guess a lot of this is invisible sanctioned oil coming back into the visible market.
WTI crude was flat today as earlier a report said OPEC+ was considering boosting output this weekend but it’s under pressure after inventories. The US and Iran are also meeting today in Geneva.
This article was written by Adam Button at investinglive.com.
