Last week's huge API-reported inventory draw followed by disappointing DOE-reported draw sent crude prices flip-flopping around $50 before they plunged into Brexit. Having ramped all day and beyond the NYMEX close, WTI tagged $48 and was fading into the API data. Against expectations of a 2.5mm draw, API reported a 3.86mm draw (remember they said 5.22mm draw last week before DOE said 917k). The entire complex saw inventories drawdown with Cushing more than expected, bouncing WTI back above $48.

API

• Crude -3.86mm (-2.5mm exp)
• Cushing -1.207mm (-900k exp)
• Gasoline -416k
• Distillates -832k

First distillate draw in 4 weeks, 6th weekly Crude draw in a row...

And the reaction in crude (after today's meltup and NYMEX ramp)... was to extend gains back above $48... but does not seem convinced

Charts: Bloomberg