Crude Spikes After First Cushing Inventory Draw Since November

For the first time since November 2014, Cushing saw an inventory decline (-514k) last week. This has promopted a spike up to yesterday's highs in WTI Crude. The total inventgory build was 1.9mm bbl (less than the expected 3.2mm bbl) but continues the record streak to 16 weeks.

 

Cushing "Draw"...

 

But total inventories rose for the 16th week in a row...

 

WTI shot up to run yesterday's stops near $58...

 

Charts: Bloomberg