Yesterday, WTI closed up $.015/bbl to $57.62, HO closed up $0.0194/gal to $1.9139, and RBOB finished up $0.0262/gal to $1.7184. After the release of the API statistics last night, those gains came right back off. The APIs reported a crude inventory draw of 5.5 million barrels and 2.0 million of that draw was in Cushing, the decrease in crude was expected because this week’s numbers still factor in issues with the pipeline. The bearish stats were on refined products; gasoline inventories build 9.2 million barrels, and distillates built 4.3 million barrels.
The OPEC rhetoric seems to be factored into oil prices by now and the market is reacting to the weekly inventory statistics. As of 11:00 a.m. ET, both HO and RBOB are down about $.0350/gal and WTI is down $1.00/bbl.
The DOE statistics pretty much mirror what the APIs reported. Crude inventories showed a draw of 5.6 million barrels, 2.7 of that coming from Cushing, OK. Both refined products still had builds, just not quite as substantial. Gasoline inventories built by 6.8 million barrels, and distillates by 1.7 million barrels.
Key support levels to start the day were WTI at $57.20, HO at $1.8975, and RBOB at $1.6916. The market is well below these values already.