A build in gasoline for the API report will spell doom for the crude bulls

[Gary LeBlanc + 50]

API estimate came out as a build of 4.92 mb as demand continues to wane. Last week there was a build of 3.5 mb even though 200 kbd of gasoline were produced. This week the build was even bigger. Less demand for RBOB means less demand for WTI and that's exactly what's happening when you compare refinery inputs Y-over-Y. This time last year refinery run rates were 4% higher yet WTI was 15% lower.

[RRH + 1]

Interesting observation! Yeah, I was wondering about the seasonality play too