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Following last week's surprise draw (from the DOE data), API reported a huge 5.14mm draw (against expectations of a 2mm barrel draw) - the biggest since Dec 2015. Bear in mind that last week API reported a large build only to se a major draw in DOE data so perhaps this is catch down from the Canada interruption.

API

• Crude -5.137mm (-2mm exp)
• Cushing -189k (-400k exp)
• Gasoline +3.06mm (-1.5mm)
• Distillates -2.92mm (-750k exp)

This is the biggest inventory draw since Dec 18th...

Submitted by Lance Roberts via RealInvestmentAdvice.com,

Over the last several weeks, I have discussed the markets entrance into the “Seasonally Weak” period of the year and the breakout of the market above the downtrend line that began last year.

The rally from the February lows, driven by a tremendous amount of short covering, once again ignited “bullish optimism.” 

The most important investors of all time...

h/t @RudyHavenstein, Source: TheIrrelevantInvestor.com

Because nothing... else... matters...

Are stocks still pricing in additional QE?

GMO giant Monsanto has rejected a $62bn (£43bn) offer from German pharmaceutical giant Bayer saying the price was too low. Hugh Grant, Monsanto’s chief executive, said the offer was “financially inadequate”, leaving the door open for a potentially higher bid. He said the proposal significantly undervalued the company but said they were open to engage further in negotiations RT reports: Monsanto can “see the logic” of combining with the German corporation, and believes the merger could get the required approval from regulators, sources familiar with the talks told Reuters. However, the St.

With stocks soaring on the heels of oil's miraculous resurrection, the new normal narrative appears to be that higher oil prices are now "unequivocally good." However, one glance at the following two charts and it's clear Main Street feels anything like ebulient about the state of the oil industry in America...