WTI/RBOB Extend Gains After Biggest Gasoline Draw On Record
WTI/RBOB gained on the day after OPEC headlines but with disruptions still looming over much of the refining capacity in the Gulf Coast, today's API data, showing the trend of Gasoline draw (the biggest ever) and Crude build continues, sparked further gains.
- Crude +6.181mm (+4.82mm exp)
- Cushing +1.32mm (+1.6mm exp)
- Gasoline -7.896mm (-1.5mm exp) - biggest ever
Last week saw the biggest gasoline inventory draw on record as Crude's build trend continued...
WTI/RBOB gained today on the heals ofOPEC production cut extension chatter, but as Kyle Cooper, director of research at IAF Advisors, says, "OPEC potentially extending cuts is “bullish in the sense that they are willing to do it, but it’s effectively bearish that they have to...”
While the initial move was algos slamming them lower, the trend was higher...