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WTI Extends Gains - Tops $45 - On Large Cushing Inventory Draw

Following last night's API reported 4 million barrel inventory build (against 3.75mm bbl expectations) and Cushing draw, DOE confirms a build (but smaller, at 3.38 million barrels) and Cushing saw a draw of 785k barrels (th elargest in 4 weeks). Crude reactiopn was to extnd gains from the earlier knee-jerk and break back above $45, even as crude production rose.

 

  • *CRUDE OIL INVENTORIES ROSE 3.38 MLN BARRELS, EIA SAYS

 

  • *CUSHING CRUDE OIL INVENTORIES FELL 785,000 BBL, EIA SAYS

 

And the reaction...

On heavy volume...

As you can see, the volume at 10:30 pales in comparison to 10am

pic.twitter.com/BwNK4TgjL8

— Eric Scott Hunsader (@nanexllc)

Even as crude production ticked back up... (though mostly from Alaska)

 

 

Charts: Bloomberg