However, for the 2nd week in a row, DOE data was entirely opposite and showed a big crude and gasoline draw.

Bloomberg reports that OPEC and its partners will meet next week and debate whether to restore output halted last year.

That would approach world leader Russia…except that Russia just was said to boost its output to more than 11 million in the first week of June.

Gasoline, on the other hand, is saddled with demand destruction caused by elevated crude prices.

  WTI/RBOB prices were flat from API's bearish print but exploded higher after DOE's surprise draws.

Categories: ZH