Expectations were for more inventory draws in total crude levels (and another build in Cushing), but API reported a considerably larger than expected 4.15mm draw in overall crude inventories. Both Gasoline and Distillates saw notable draws and Cushing built for the 4th week in a row (but less than expected). WTI crude kneejerked higher on the news...
API
- Crude -4.15mm (-2.5mm exp)
- Cushing +690k (+1.9mm exp)
- Gasoline -1.96mm
- Distillates -1.55mm
4th weekly build at Cushing but 5th weekly draw in overall crude inventories...
And the reaction was an immediate kneejerk higher...
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