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...
The reaction, understandably, a surge in oil prices - breaking above $49...
Charts: Bloomberg