So today Dec 29, 2016 we had a drawdown on EIA numbers for gasoline. Forecasts were for a build. Crude made an unexpected build when there was a drawdown.
CL is off maybe -0.5% while RBOB is off about -1.5%. The reaction to crude is expected, but the reaction to gasoline? On a drawdown? I can see crude inventories having an impact on gasoline but this is ridiculous.
Anyone better versed in energy fundamentals/energy macro explain WTF happened?
I had no position at anytime today, but the…