After six straight weeks of drawdowns and against expectations of a 2.5mm barrel build, API reported a massive 6.736mm barrel drawdown - the biggest since June 2015. Distillates and Gasoline also saw major draws. The result - unsurprisingly - is a surge in crude, extending the day's gains, even though Cushing saw a modest 80k build.
o Crude -6.736mm (-2.5mm exp)
o Cushing +80k
o Gasoline -3.603mm
o Distillates -2.305mm
This is the biggest drawdown since June 2015 and 2nd biggest since July 2014...
(Click to enlarge)
Of course this is largely expected from a seasonal perspective...
And as a result, crude is spiking...
By Zero Hedge
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