Will someone please remind us again how we’ve gotten it wrong all along about crude and about how this market is going to balance any day now?
Will someone also please remind us about how OPEC cuts are definitely going to offset record US production and massive inventories?
The reason we need a reminder is because the EIA just shattered the API “hope” by reporting a giant build (so not a draw) in crude and a below consensus gasoline draw.
- Cushing crude +1,413k (Median Est. -150k Bbl)
- PADD 3 crude +2,741k
- Gasoline -618k vs est. -1,750k
- PADD 1B gasoline -547k
- Distillates -536k vs est. -1,000k
- PADD 1 Distillates -3,372k
- Refinery utilization +1.5 ppt vs est. +0.5 ppt
- Refinery crude inputs +203k b/d
- Crude imports -374k b/d
- Crude production +52k b/d
Here’s what happened next:
And the BTFD algo is MIA.
This times will be different, trust me, I swear to god, really this is it, forget what has happened, no this is in the bag, take it to the bank. Yep, one of these days, weeks, months, years coming up on decades?