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DOE Confirms Major Inventory Draw, Crude Production Slowest In 3 Months

Following last night's huge drawdown in inventories, according to API, The DOE data shows a huge 5.45mm bbl draw (against expectations of a 3.7mm bbl draw). This is the biggest draw since early June and 2nd biggest draw in 13 months. Production data showed a 3rd weekly drop in a row (4th of last 5 weeks) but of lesser magnitude. WTI crude's reaction was an initial surge to test API-spike highs but then weakness ensued as Fed's Dudley started speaking...

Crude inventory tumbled...


And Production continues to slow... though only modestly


The reaction for now...Surge on oil fuindamentals and purge on Dudley...



Charts: Bloomberg