Following last night's API reported 4 million barrel inventory build (against 3.75mm bbl expectations) and Cushing draw, DOE confirms a build (but smaller, at 3.38 million barrels) and Cushing saw a draw of 785k barrels (th elargest in 4 weeks). Crude reactiopn was to extnd gains from the earlier knee-jerk and break back above $45, even as crude production rose.
- *CRUDE OIL INVENTORIES ROSE 3.38 MLN BARRELS, EIA SAYS
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- *CUSHING CRUDE OIL INVENTORIES FELL 785,000 BBL, EIA SAYS
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And the reaction...
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On heavy volume...
As you can see, the volume at 10:30 pales in comparison to 10am $CL_F [9] $BRN_F [10] pic.twitter.com/BwNK4TgjL8 [11]
— Eric Scott Hunsader (@nanexllc) October 28, 2015 [12]
Even as crude production ticked back up... (though mostly from Alaska)
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Charts: Bloomberg
