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API Reports 4th Consecutive Inventory Draw But Crude Slides On Cushing Build

API reports a 2.3 million barrel inventory draw - a bigger draw than the prior week - extending the run to 4 consecutive weeks of drawdowns. The initial reaction was a pop higher, however the machines had not noticed that Cushing saw an inventory build (up 389k barrels) and that triggered weakness in WTI Crude...

 

Total inventory drewdown but Cushing saw a build...

 

Which is weighing modestly on crude prices...

 

Charts: Bloomberg