For the 3rd week in a row, crude inventories saw a drawdown (API reports -3.56mm vs -3mm expectations) and so did Cushing (-1.3mm vs -900k exp) but crude is slipping as both Distillates and Gasoline saw unexpected builds. This is the first build in Distillates in 8 weeks.
API
- Crude -3.56mm (-3mm exp)
- Cushing -1.3mm (-900k exp)
- Gasoline +760k (-100k exp)
- Distillates +270k
First build in distillates in 8 weeks...
And the reaction was an initial slide but quick bounce back...
Eyes wide open for DOE data tomorrow.
Charts: Bloomberg