API's reported huge 3.6mm drawdown [3] in total crude inventories (against expectations of a 2.33mm build) was just the catalyst to send crude prices soaring overnight and DOE just confirmed it with a massive 5.88mm draw - the largest in over 6 months. However, initial exuberance was tempered as Cushing saw a 2.045mm build - its 7th week in a row. And finally, crude production rose for the second week in a row.
Huge drawdown overall...
[4]
But Cushing continues to get more full...
[5]
Production rose for the 2nd week. Demand is down 0.8% YoY.
For now Crude is holding gains...
[6]
but is having trouble breaking above FOMC highs...
[7]
Charts: Bloomberg
