Oil Jumps After Bigger Than Expected Inventory Draw

Expectations were for more inventory draws in total crude levels (and another build in Cushing), but API reported a considerably larger than expected 4.15mm draw in overall crude inventories. Both Gasoline and Distillates saw notable draws and Cushing built for the 4th week in a row (but less than expected). WTI crude kneejerked higher on the news...

 

API

  • Crude -4.15mm (-2.5mm exp)
  • Cushing +690k (+1.9mm exp)
  • Gasoline -1.96mm
  • Distillates -1.55mm

4th weekly build at Cushing but 5th weekly draw in overall crude inventories...

 

And the reaction was an immediate kneejerk higher...