Following API's data lastnight, DOE reported a 2.19 million barrel draw (more than expected) this week, crude oil prices immediately extended gains. However, that ramp quickly faded once it set in that the draw was actually notably lower than last week's. For some context, this leaves the total inventory still a near record 30% above average for this time of year. Prices were also not helped as total crude production rose modestly WoW.
2nd weekly draw in a row but it's slowing...
[4]
Some context...
[5]
And production rose WoW...
[6]
Oil prices spiked then dumped on priduction news...
Charts: bloomberg
