Against expectations of a 2.0 mm bbl inventory draw, DOE reports a substantial 4.93mm bbl draw (double last week's draw) extending the streak of inventory drawdowns to 8 weeks. Crude production overall raose 0.16% to near a new cycle record high. The reaction - oil algos ran stops at highs then dumped... stocks just ripped - which allmakes perfect sense.
Inventories have fallen for 8 straight weeks...
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But production near a new record high...
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And the reaction... Crude down, stocks up
