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Crude Jumps Despite API Reporting 5th Consecutive Weekly Inventory Build

While lower than last week's levels, API reported a still considerable 4.1 million barrel crude inventory build last week. This is the 5th consecutive inventory build. However, despite the size of the overall build, crude prices are rising (extending gains off NYMEX Close ramp) which may be related to a 748k draw on crude stocks at Cushing.

5th week in a row...

 

And the reaction... hhmmm

 

Charts: Bloomberg