A relatively stable day in energy markets as many other markets turmoiled, but as tonight's data hit, both WTI/RBOB kneejerked lower after API showed massive product inventory builds (despite a big crude draw).

 

API

  • Crude -5.48mm (-2.5mm exp)
  • Cushing -1.95mm (-2.4mm exp)
  • Gasoline +9.196mm - biggest build since Jan 2016
  • Distillates +4.259mm - biggest build since Jul 2017

After last week's surprise product builds and huge destocking at Cushing, expectations are high for more of the latter, but Cushing's Draw was less than expeted and the massive builds in Gasoline and Distillates was shocking...

 

The initial rection to the API data was both WTI and RBOB kneejerked lower...