{"id":1473542,"date":"2024-06-26T14:39:49","date_gmt":"2024-06-26T18:39:49","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1473542"},"modified":"2024-06-26T14:39:49","modified_gmt":"2024-06-26T18:39:49","slug":"wti-drops-on-large-gasoline-build-oil-demand-slump","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-drops-on-large-gasoline-build-oil-demand-slump\/1473542\/","title":{"rendered":"WTI Drops On Large Gasoline Build, Oil Demand Slump"},"content":{"rendered":"

WTI Drops On Large Gasoline Build, Oil Demand Slump<\/span><\/p>\n

\n

Crude prices have roller-coastered over the last 12 hours or so as last night’s API (large gasoline build) sparked selling, then buying waves hit during the late-Asia\/early-Europe session, then selling returned with a vengance during the early US session as Kanda’s comments sparked dollar strength and sent commodities lower.<\/p>\n

The dismal home sales print sparked dollar weakness and sent oil prices back up into the green ahead of the official inventory data.<\/p>\n

API<\/strong><\/p>\n

Crude +914k (-200k exp)<\/p>\n

Cushing -350k<\/p>\n

Gasoline +3.84mm (-900k exp) – biggest build since Jan 2024<\/strong><\/p>\n

Distillates -1.18mm<\/p>\n

DOE<\/strong><\/p>\n

Crude +3.59mm<\/strong> (-200k exp, whis +800k)<\/p>\n

Cushing -226k<\/p>\n

Gasoline +2.65mm – biggest build since Jan 2024<\/strong><\/p>\n

Distillates -377k<\/p>\n

Confirming API’s report, the official data shows a considerable crude inventory build and the largest rise in gasoline stocks since January…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The Biden admin added a shockingly large 1.285mm barrels to the SPR last week – the largest since June 2020. Overall this was the biggest weekly increase in stocks in two months…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

US implied crude demand plunged<\/strong> last week…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

US Crude production was unchanged just shy of record highs as rig counts slipped south…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

WTI was trading just in the green ahead of the official data, around $81.20; and dropped back towards the $80 level on the print…<\/p>\n

<\/a><\/p>\n

As Bloomberg’s Lucia Kassai reports, it’s hard to see any saving graces in the EIA report of this week.<\/strong><\/p>\n

Overall we\u2019ve seen surprise builds in crude oil and gasoline inventories, softer demand across gasoline, diesel and jet, and refineries reduced utilization rates in all PADD regions.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 06\/26\/2024 – 10:39<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/wti-drops-large-gasoline-build-oil-demand-slump<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Drops On Large Gasoline Build, Oil Demand Slump Crude prices have roller-coastered over the last 12 hours or so as last night’s API (large…<\/p>\n","protected":false},"author":0,"featured_media":1473543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1473542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1473542"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1473543"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1473542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1473542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1473542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}