Crude Spikes After Biggest Inventory Draw In 2016

WTI's 'mysterious' spike into the NYMEX close extended after hours (almost as if someone knew something). Inventories drewdown 4.6mm barrels according to API (drastically less than the expected 2.85mm build). This is the biggest weekly draw since Jan 1. Cushing was expected to see a build of 100k (after 2 weeks of draws) but saw a considerably larger one at +620k. Distillates inventories built as Gasoline drewdown very modestly.

API

  • Crude -4.3mm
  • Cushing +620k
  • Gasoline -116k
  • Distillates +2.7mm

Ending the 7 straight weekly build streak...

 

And the reaction...

 

Charts: Bloomberg

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