API Report: Crude and Crude Products Draw, WTI Crushed

Initial reports from the API indicate a build in crude and crude products with a draw in Cushing. This is another death blow for Oil bulls who have been attempting to time the bottom in the 43-42 handles. WTI has been crushed -128bps rejecting the 44 handle now probing into the midpoint of the 43 level post API report. We suspect the traders are focusing on the crude product builds.

EIA #WPSR Estimates (in mbbls) for Week Ending June 23, 2017

US #Crude Production – #Oil Rigs

US #RigCount