WTI Extends Gains Above $58 After Bigger-Than-Expected Crude Draw

Oil rallied notably today as traders anticipated a growth jolt from The Fed tomorrow and tensions remain in the MidEast as Iran threatened to choke supplies.

“The crude oil market loves trade headlines,”

“Even if they were negative earlier in the day, at the end of the day the countries are trying to make a deal happen. They’re not there to fail, and that supports oil.”

API

  • Crude -6.024mm (-2.75mm exp)

  • Cushing -1.449mm

  • Gasoline -3.135mm

  • Distillates -890k

After the prior week's shockingly large draw, crude inventories were expected to modestly drop further but once again surprised to the downside with a bigger-than-expected 6mm drop in stocks (and big draw in gasoline also)...

 

WTI had surged back above $58 ahead of the API print and extended gains after the surprise API Print