Crude Surges After DOE Reports Biggest Inventory Draw In 4 Months

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


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