Following last week's surprise distillates build (and lower than expected crude draw) API reported inventories largely in line with expectations (-2.3mm vs -2mm exp. This nevertheless managed to pump and dump crude futures before drifting slightly lower as Gasoline showed a bigger than expected build (+800k vs -500k exp.).
- Crude -2.3mm (-2mm exp)
- Cushing -84k (-100k exp)
- Gasoline +805k (-500k exp)
- Distillates -484k
This is the 9th weekly daw in crude in a row... and Gasoline showed a major build vs expected draw...
The reaction was chaos in crude with stops ripped lower and higher before drifting lower..