It is the 26th of March 2019

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WTI Shrugs Despite Huge Crude Draw

A v-shaped recovery in WTI/RBOB today (amid a dollar reversal at the EU close and chatter about a big crude draw) led prices higher into the API print (but after last week's 100% incorrect API vs DOE reversal, who knows what it means). And the rumors were true - a huge crude draw (biggest in 2 months) and the first build at Cushing in 8 weeks. However WTI prices didn't move much as product builds weighed on RBOB prices.

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WTI/RBOB Extend Losses After Another Big Gasoline Inventory Build

WTI and RBOB have trended lower since last week's inventory data hit and today's API inventory prints (showing a decent crude draw but a relatively large gasoline build - biggest since January compared to DOE data) sparked some more weakness in both oil and gasoline prices.

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