-
WTI/RBOB Extend Gains After Surprise Inventory Draws
Despite geopolitical risks seemingly ebbing, WTI/RBOB rebounded today on hopes OPEC would extend output cuts and extended gains after API reported surprise draws across the entire energy space. Additionally, Bloomberg points out that Alberta’s plan to cut crude and fuel shipments to British Columbia could ripple across the entire west coast of North America, causing pump prices to surge and shifting the flow of international crude. API Crude -1.047mm (+650k exp) Cushing -1.015mm (-650k exp) Gasoline -2.473mm Distillates -845k Inventory draws across the entire space... WTI/RBOB prices had rebounded intraday heading ... (full story)