Following last week's 'biggest inventrory draw in 3 months', expctations were for a 1mm build this week, so when API reported a huge 6.2mm build. Perhaps slightly offsetting this surge is a 1.93mm draw at Cushing (after Genscape forecast a 1mm draw at Cushing this week and expectations were for a 800k draw).
After a manic buying day in WTI, oil prices are plunging after hours...
API:
- Crude +6.22mm (+1mm exp.)
- Cushing -1.93mm (-800k exp.)
- Gasoline -1.58mm
- Distillates -530k
Crude stabilized from its manic ramp after NYMEX closed and then ramped into the API data before plunging on the huge build...
Charts: Bloomberg
