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API Reports Larger-Than-Expected Total Crude Inventory Build For 6th Consecutive Week, Cushing Draw

For the sixth week in a row, API reports a larger than expected 2.8mm inventory build (though that is lower than the last few week's build). Cushing stocks, however, saw a 508k draw, easing some storage concerns. Crude oil prices remain confused for now having pumped and dumped to unch.

Sixth weekly build in a row...

 

Crude popped and dropped...

 

Charts: Bloomberg