In the week since the last API report, oil has ripped and dipped back to unchanged following an unexpected draw and Algiers disappointment, but prices jumped higher (tagging $45.00) as API noted a 752k draw (4th week in a row). This was dramatially below the 3mm build expected. Cushing, Gasoline, an Distillates all saw inventory draws (the latter's first draw in 7 weeks).
API
- Crude -752k (+3mm exp)
- Cushing -832k
- Gasoline -3.7mm
- Distillates-343k
The last 3 weeks have seen the biggest drawdown in crude inventories (over 4%) since July 2013 and if this 4th week's data holds it will hold the biggest drop in 3 years.
Have slipped back to pre-API levels during the day, oil's knee-jerk spike tagged $45.00 stops after this week's across the board draw from API data…
Charts: Bloomberg
The post Oil Pops After Crude Inventories Unexpectedly Drop appeared first on crude-oil.top.