Crude Extends Gains After Surprise Inventory Draw

With expectations for a 1.75m barrel build, API shocked by reporting a 1.1m inventory draw sending WTI crude above $44.50 - running stops from last week's highs. Gasoline (-400k) and Distillates (-1.02m) also saw draws. Cushing, however, after recent declines from pipeline closures, saw a 1.9m barrel build.

 

 

Spiking crude above last week's highs...