Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
Against expectations of a 2.0 mm bbl inventory draw, DOE reports a substantial 4.93mm bbl draw (double last week’s draw) extending the streak of inventory drawdowns to 8 weeks. Crude production overall raose 0.16% to near a new cycle record high. The reaction – oil algos ran stops at highs then dumped… stocks just ripped – which allmakes perfect sense.
Inventories have fallen for 8 straight weeks…
But production near a new record high…
And the reaction… Crude down, stocks up