Following API's reportedly large crude build last night, DOE reports a very divergent draw of 553k barrels (2mm bbl build exp). In fact the entire crude complex saw major drawdowns, sending WTI Crude back above $50.
API
- Crude +4.8mm (+2mm exp)
- Cushing -2.3mm (-500k exp)
- Gasoline +1.7mm (-1mm exp)
- Distillates -940k
DOE
- Crude -553k (+2mm exp)
- Cushing -1.337mm (-500k exp)
- Gasoline -1.956mm (-1mm exp)
- Distillates -3.354mm
Broken down by region:
Crude Stocks:
- PADD1 18.18mb +0.219
- PADD2 136.205mb -1.406
- PADD3 243.389mb +2.007
- PADD4 23.313mb +0.88
- PADD5 47.07mb -2.255
Gasoline Stocks:
- PADD1 62.874mb +1.967
- PADD2 51.236mb -0.521
- PADD3 77.124mb -2.834
- PADD4 7.027mb -0.1
- PADD5 27.75mb -0.559
Inventory draws across the entire complex:
Production rose for the 2nd week in a row, back above 8.5mm b/d…
And crude spiked above $50 on the print, erasing the API losses…
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