So on Tuesday afternoon I said the following after the API numbers (which showed a ‘big league’ crude stock build and a ‘bigly’ gasoline stock draw) hit the wires:
Boy, oh boy.
If you wanted a dramatic set up for tomorrow’s EIA data, I’ve got one for you.
Well the numbers didn’t disappoint – or at least not as far as triggering an equally dramatic move in RBOB. Here’s the quick breakdown:
- EIA: Crude +8,209k Bbl, Median Est. +2,000k Bbl
- EIA inventory report also shows these changes for last week:
- Cushing crude +867k
- PADD 3 crude +1,008k
- Gasoline -6,555k vs est. -1,987k
- PADD 1B gasoline -957k
- Distillates -2,676k vs est. -1,000k
- PADD 1 Distillates -2,051k
- Refinery utilization -0.1 ppt vs est. +0.5 ppt
- Refinery crude inputs -172k b/d
- Crude imports +561k b/d
- Crude production +56k b/d
And so, with the crude build looking “small” (sarcasm) compared to the huge +11.6m bbl build reported by API and with the gasoline draw looking “bigly-er-er” than the 4.96m API print, we got this:
Once again: sorry CERAWeek, talk is cheap these days. Data moves markets.
