Following last week's surprise distillates build (and lower than expected crude draw) API reported inventories largely in line with expectations (-2.3mm vs -2mm exp. This nevertheless managed to pump and dump crude futures before drifting slightly lower as Gasoline showed a bigger than expected build (+800k vs -500k exp.).
API
- Crude -2.3mm (-2mm exp)
- Cushing -84k (-100k exp)
- Gasoline +805k (-500k exp)
- Distillates -484k
This is the 9th weekly daw in crude in a row… and Gasoline showed a major build vs expected draw…
The reaction was chaos in crude with stops ripped lower and higher before drifting lower..
Charts: Bloomberg
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