Having v-shape recovery-ed intraday – as Nigeria news came and was denied – WTI Crude (Aug) was hovering around $49.90 before API data hit. Following 4 weeks of crude draws in a row, and with expectations of a 1.7mm draw, API reported another – this time massive – 5.2m barrel draw – the most in 6 months. Across the entire complex, inventories drew down more than expected, sending WTI surging back towards $50.50.
API
- Crude -5.22m (-1.7m exp.)
- Cushing -1.311m (-50k exp.)
- Gasoline -1.47m (-300k exp.)
- Distillates -1.699m (+300k exp.)
And the reaction in crude is clear as August WTI has surged from $46.50 to $50.50 in 3 days…
Charts: Bloomberg
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