Having broken its win-streak with the biggest drop in 4 weeks today following Russia comments, crude prices hovered around $45 as API reported a massive 5.8mm barrel crude draw (most since 2016) and 5.7mm gasoline draw (most in 4 months).
API
- Crude -5.764mm (-2.5mm exp)
- Cushing -1.4mm
- Gasoline -5.7mm
- Distillates +375k
After last week's product draws (and small crude build), we suspect the effects of tropical depression Cindy may be impacting the data as the draws are very significantly away from expectations...
Russia "pretty much threw cold water" on rumors of additional cuts, Bob Yawger, director of the futures division at Mizuho Securities USA in New York...
Prices dipped after the API-reported, running stops, an then ripped back higher...