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WTI Jumps Above $48 After API Inventory Report Shows Huge Crude Draw

Courtesy of ZeroHedge. View original post here.

The recent trend of inventory draws (in crude and products) has supported higher Brent and WTI prices (the latter testing $48 today) despite surging production. API reported more of the same with a much larger than expected draw (-10.2mm vs -3mm exp), sending WTI above $48. All was not perfect in the report however as gasoline saw an unexpected build.

API

  • Crude -10.2mm (-3mm exp) – biggest draw since Sept 2016
  • Cushing  -2.568mm (-1mm exp)
  • Gasoline  +1.9mm (-1.8mm exp)
  • Distillates -111k

Gasoline surprised with an unexpected build in inventories but the massive crude draw (largest since Sept 2016) and a reduction in stocks at Cushing helped send crude proices higher…

WTI traded around $48 into the API print – having ripped higher the last two days after Saudi 'whatever it takes' comments – and blew through $48 on the API print…

“They have chased the bears back into the woods. Sentiment in the market is mildly bullish,” James Williams, an economist at London, Arkansas-based energy-research firm WTRG Economics,


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