Crude Spikes After Biggest Inventory Draw In 2016
WTI's 'mysterious' spike into the NYMEX close extended after hours (almost as if someone knew something). Inventories drew down 4.6mm barrels according to API (drastically less than the expected 2.85mm build). This is the biggest weekly draw since Jan 1. Cushing was expected to see a build of 100k (after 2 weeks of draws) but saw a considerably larger one at +620k. Distillates inventories built as Gasoline drewdown very modestly.
API
- Crude -4.3mm
- Cushing +620k
- Gasoline -116k
- Distillates +2.7mm
Ending the 7 straight weekly build streak...
And the reaction...
Charts: Bloomberg
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LOL yay, maybe the bankers decided to hoard it again to turn into a long term investment. Sadly, such efforts only make the future of whatever they gamble with worse. Clearly this isn't normal usage demand increases we're seeing.