Libya production updates and weak economic data weighed on crude ahead of the API print tonight but as the data hit showing a bigger than expected crude draw (8th week in a row), both WTI and RBOB jumped higher. This was the biggest crude draw since Sept 2016. API
- Crude -8.67mm (-3mm exp)
- Cushing -753k
- Gasoline -1.726mm (-1.5mm exp)
- Distillates +124k
If this holds for tomorrow's DOE data, this is the 8th weekly crude draw in a row (and this week's 8.67mm draw is the largest since Sept 2016)...
We suspect month-end squaring also weighed on markets today but the bigger than expecte draws sent both WTI and RBOB higher in the after market...