After six straight weeks of drawdowns and against expectations of a 2.5mm barrel build, API reported a massive 6.736mm barrel drawdown – the biggest since June 2015. Distillates and Gasoline also saw major draws. The result – unsurprisngly – is a surge in crude, extending the day’s gains, even though Cushing saw a modest 80k build.
API
- Crude -6.736mm (-2.5mm exp)
- Cushing +80k
- Gasoline -3.603mm
- Distillates -2.305mm
This is the biggest drawdown since June 2015 and 2nd biggest since July 2014…
Of course this is largely expected from a seasonal perspective…
And as a result, crude is spiking…
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