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Friday, March 29, 2024

Stocks Jump, Oil Dumps After DOE Reports Bigger Than Expected Inventory Draw, Production Rises (Again)

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

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