Crude Surges After DOE Reports Biggest Inventory Draw In 4 Months

Following last night's unexpected inventory draw reported by API, DOE reported an even bigger draw of 3.568 million barrel (against expectations of a 1.3mm barrel build). The biggest draw in almost 4 months sent crude surging back to $39. Cushing continues to fill up, with a 423k build - the 5th week in a row. Production dropped the most in 2 months (with both Alaska and The Lower 48 dropping).

Biggest crude inventory draw in 4 months...

(Click on image to enlarge)

Cushing continues to fill up

(Click on image to enlarge)

And finally, production dropped most in 2 months..

(Click on image to enlarge)

Sends crude higher still, extending overnight API gains...

(Click on image to enlarge)

Stock Bulls better hope these oil levels hold...

(Click on image to enlarge)

Charts: Bloomberg