Overall crude inventories rose for the 6th week in a row according to API. Despite draws in Gasoline, Distillates, and Cushing; Crude inventories surged 8.8mm barrels – the 2nd biggest weekly build in a year.
API, according to RTRS:
This was a big draw in Cushing but appears to be dominated by the surge in overall inventories…
Crude is giving back some of the bounce gains on the news…
Charts: Bloomberg
