WTI Crude Spikes Above $50 After Unexpected Inventory Draws Across Cruide Complex

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, sneding 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

Inventory draws across the entire complex...

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And crude spiked above $50 on the print, erasing the API losses... 

(Click on image to enlarge)