Following last night's surprisingly large API-reported crude draw, DOE confirmed the drop with a 6.2mm draw (less than API's 7.5mm though) with some wondering if the Colonial Pipeline closure affected inventories. Cushing saw a notable build and Distillates inventories rose for the 6th week in a row. While gasoline inventories fell (Pipeline?), production rose for the second week in a row.
API
- Crude -7.497mm (+3.25mm exp)
- Cushing +407k (+100k exp)
- Gasoline -2.5mm (-1.4mm exp)
- Distillates +1.4mm
DOE
- Crude -6.2mm (+3.25mm exp)
- Cushing +536k (+100k exp)
- Gasoline (-1.4mm exp)
- Distillates
Crude drewdown for the 3rd week in a row (and a large draw)…
Production rose for the second week – seemingly stabilizing at around 8.5mm bbl/day
And Crude is extending API gains…
Charts: Bloomberg
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