Overall crude inventories rose for the 6th week in a row according to API. Despite draws in Gasoline, Distillates, and Cushing; Crude inventories surged 8.8mm barrels – the 2nd biggest weekly build in a year.
API, according to RTRS:
- Crude +8.796mm
- Cushing -1.37mm (confirming Genscape’s data)
- Gasoline -4.3mm
- Distillates -391k
This was a big draw in Cushing but appears to be dominated by the surge in overall inventories…
Crude is giving back some of the bounce gains on the news…
Charts: Bloomberg
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