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Crude Pumps'n'Dumps As Production Surge Trumps Inventory Draw

Following API's drawdown last night, DOE reported a significant 4.41mm barrel draw (dwarfing the 1.63mm barrel draw expectation). Thisis the 11th of last 14 drawdown in inventory. Crude spiked on the news, seemingly ignoring the 0.6% surge in production - its biggest jump since late May... but has given all the spike back now, hitting a $45 handle.

 

Inventories plunged...

 

Crude spiked...

 

but production surged...

 

and crude plunged...

 

Charts: Bloomberg