Following Genscape's projection that Cushing inventories rose less than expected, various sources on Twitter report that API sees a 4.4mm build (in line with expectations of a 3.9mm build) after EIA's massive build of over 10.3mm barrels last week. Cushing saw a 692k build - the 6th week in a row but gasoline and distillates saw a draw. Crude sold off all day as the short-covering squeeze ended but as the data hit, WTI dipped, ripped, and dipped again... only to rally once more...
API
- Crude +4.4mm
- Cushing +692k
- Gasoline -2.1mm
- Distillates -128k
Sixth weekly rise in Cushing Inventories...
And the reaction in crude...
Charts: Bloomberg