: WTI Spikes Above $49 After Shockingly Large Crude Inventory Drawdown

WTI Spikes Above $49 After Shockingly Large Crude Inventory Drawdown Oct 4th 2016, 20:41, by Tyler Durden After four weeks of draws, expectations were for a 1.5mm inventory build this week but API reported yet another shockingly large draw of 7.6mm barrels. A susprisingly large build in Gasoline last week briefly confused traders but was confirmed by API with a 2mm barrel build (against exp of +500k). WTI crude spike back above $49 on the news...   API Crude -7.6mm (+1.5mm exp) Cushing +400k (+100k exp) Gasoline +2mm (+500k exp) Distillates -1.3mm 5 Weeks of Crude draws at a seasonally 'building' time of year...   Since last week's API data Crude has ripped higher on an aparent OPEC deal... and knee-jerked above $49 after API data dropped   Charts: Bloomberg

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