WTI Crude Spikes Above $50 After Unexpected Inventory Draws Across Cruide Complex
Following API's reportedly large crude build last night, DOE reports a very divergent draw of 553k barrels (2mm bbl build exp). In fact the entire crude complex saw major drawdowns, sneding WTI Crude back above $50.
API
- Crude +4.8mm (+2mm exp)
- Cushing -2.3mm (-500k exp)
- Gasoline +1.7mm (-1mm exp)
- Distillates -940k
DOE
- Crude -553k (+2mm exp)
- Cushing -1.337mm (-500k exp)
- Gasoline -1.956mm (-1mm exp)
- Distillates -3.354mm
Inventory draws across the entire complex...
(Click on image to enlarge)
And crude spiked above $50 on the print, erasing the API losses...
(Click on image to enlarge)
Disclosure: None.