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Crude Pops & Drops As API Reports Unexpected Inventory Draw

Against expectations of a 4.75 million barrel build, API reported an estimated inventory draw of 404,000 barrels - potentially ending the 8 week build streak if DOE confirms (following last week's huge DOE-reported 10,303 million barrel build). The initial reaction of the machines was a jerk higher, perfectly tagging $49.00, before tumbling back into the red.

 

 

Charts: Bloomberg