donderdag 1 juni 2017

WTI/RBOB Mixed After Biggest Crude Draw Since 2016, Production Hits 21-Month Highs

Oil prices have roller-coastered since last night's API report of the biggest crude draw since September (hurricane-impacted), but kneejerked higher after DOE confirmed a big crude draw (though less than API), the largest since Dec 2016 and 8th weekly draw in a row. Distillates saw a surprise build, crude exports hit a record high, and production rose again to its highest since Aug 2015. API
- Crude -8.67mm (-3mm exp) - biggest since Sept 2016
- Cushing -753k
- Gasoline -1.726mm (-1.5mm exp)
- Distillates +124k
DOE
- Crude -6.43mm (-3mm exp)
- Cushing -747k (-500k exp)
- Gasoline -2.86mm (-1.5mm exp)
- Distillates +394k (-700k exp)
*) 8th weekly crude draw in a row and biggest since Dec 2016, surprise build in distillates...


# John Kemp @JKempEnergy U.S. COMMERCIAL CRUDE STOCKS are drawing down much earlier and harder than normal for time of year...


Bloomberg's Laura Blewitt notes that Today is June 1st, an important day for Bakken crude. As of today, Energy Transfer's controversial Dakota Access Pipeline is now in service, providing a key outlet for oil to the U.S. Gulf Coast. Lower 48 production continues to rise... from 8.815mm to 8.835mm - highest in 21 months...


Rystad Energy says U.S. crude production will exceed 10 million barrels a day before year-end, echoing sentiment from other analysts. Crude exports hit a new record high...


Gasoline demand at its highest since the peak last summer, seasonally ahead...



It's been a week since the OPEC extension deal and prices continue to hold lower...
*GLENCORE CEO SAYS OPEC HAS LOST MARKET CONTROL DUE TO SHALE
But prices were holding above API lows heading into the DOE print (ticking up into the data) and bounced higher (though only marginally) on the data...


Close up...

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