WTI/RBOB Spike After Smaller Than Expected Crude Build, New Record High Production

The kneejerk reaction drop in WTI/RBOB overnight on API data was rapidly unwound ahead of today's DOE data and spike further as data showed a smaller than expected crude build (and smaller than API). However, US Crude production surged to new highs once again.

API

Crude +3.947mm (+3.05mm exp)
Cushing -2.319mm (-1.7mm exp)
Gasoline +4.634mm
Distillates +1.1mm

DOE

Crude +1.84mm (+3.1mm exp)
Cushing -3.62mm (-1.7mm exp)
Gasoline +3.59mm (+1.8mm exp)
Distillates -459k

3rd weekly Crude build in a row (but lower than expected), but gasoline saw a much bigger than expected build as refinery runs slowed...

(Click on image to enlarge)

As Bloomberg notes, last week's refining jump was a blip after all. Gross inputs fell almost 500,000 barrels a day and utilization rates sank back to 89.8%, more in line with what you'd expect this time of year.

Cushing Stocks are at their lowest since January 2015...

(Click on image to enlarge)