Following last night’s unexpected inventory draw reported by API, DOE reported an even bigger draw of 3.568 million barrel (against expectations of a 1.3mm barrel build). The biggest draw in almost 4 months sent crude surging back to $39. Cushing continues to fill up, with a 423k build – the 5th week in a row. Production dropped the most in 2 months (with both Alaska and The Lower 48 dropping).
Biggest crude inventory draw in 4 months…
Cushing continues to fill up
And finally, production dropped most in 2 months..
Sends crude higher still, extending overnight API gains…
Stock Bulls better hope these oil levels hold…
Charts: Bloomberg
