Following Genscape's projection that Cushing inventories rose less than expected, various sources on Twitter report that API sees a 4mm build (in line with expectations of a 3.9mm build) after EIA's massive build of over 10.3mm barrels last week. Cushing saw a 692k build – the 6th week in a row but gasoliine and distilklates saw a draw. Crude sold off all day as the short-covering squeeze ended but as the data hit, WTI dipped, ripped, and dipped again… only to rally once more…
API
- Crude +4mm
- Cushing
- Gasoline
- Distillates
Sixth weekly rise in Cuhsing Inventories…
And the reaction in crude…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1QF4NSG Tyler Durden