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[Smittle]

Oil Slides After Unexpected Gasoline Inventory Build

by Tyler Durden

Jul 19, 2016 4:40 PM

Following last week's surprise distillates build (and lower than expected crude draw) API reported inventories largely in line with expectations (-2.3mm vs -2mm exp. This nevertheless managed to pump and dump crude futures before drifting slightly lower as Gasoline showed a bigger than expected build (+800k vs -500k exp.).

API

Crude -2.3mm (-2mm exp)
Cushing -84k (-100k exp)
Gasoline +805k (-500k exp)
Distillates -484k

This is the 9th weekly daw in crude in a row... and Gasoline showed a major build vs expected draw...

The reaction was chaos in crude with stops ripped lower and higher before drifting lower..

Charts: Bloomberg

http://www.zerohedge.com/news/2016-07-19/oil-slides-after-unexpected-gasoline-inventory-build