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Crude Jumps After API Inventories Build Less Than Expected

The last three times that API inventories reported (each notably greater than expected), crude prices tumbled (only to ramp hilariously the next day following DOE inventory data). Against Bloomberg estimates of a 3.95 million barrel build, API printed only a 2.89 million barrel build; and WTI crude prices surged to the day's highs.

 

Crude jumped to the highs of the day...

Breaking the pattern...

For now...

 

Charts: Bloomberg