• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Could Someone Give Me Insights on the Future of Renewable Energy?
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 hours Bankruptcy in the Industry

Oil Spikes After Biggest Inventory Draw In 13 Months

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.

API
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...

ADVERTISEMENT

By Zero Hedge

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News