Oil prices were largely unchanged, trading near session lows, after today's DOE inventory data affirmed the latest downbeat API prints from Tuesday afternoon, showing that the crude draw in the last week was even bigger than what API reported (-2.1MM), and far worse than the +1.9MM expected increase, printing at -3.186MM, the biggest draw in 6 weeks.
API
- Crude -2.1mm (vs +1.0mm last)
- Gasoline -1.4mm (vs +3.0mm last)
- Distillates +0.5mm (vs -0.3mm last)
- Cushing +0.9mm, (vs +0.2mm last)
DOE
- Crude -3.186mm, the biggest drain in 6 weeks, and far below the exp. +1.915MM
- Gasoline +382k
- Distillates -42k
- Cushing +444K
And visually:
The decrease in commercial crude stockpiles was boosted by another 784,000 barrels withdrawn from the Strategic Petroleum Reserve.
That increased the overall nationwide crude draw to 3.97 million barrels in the week leading up to Oct. 2. A total of 132.5 million barrels of crude has been taken out of the SPR since late March under a program to release 172 million barrels as part of a relief plan from the International Energy Agency aimed at lowering energy costs.
Meanwhile, Cushing stockpiles ro
