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Crude Futures Spike on Largest Draw on Reserves Since Mid-Sept

OIL
  • Weekly DoE inventory numbers show an unexpected draw for headline crude stockpiles, with markets expecting a build of 1.3mln bbls. As such, the draw on reserves is unexpected, and large, at 4.7mln bbls - the largest draw on reserves since mid-September last year.
  • Similar story for gasoline, with a draw of 1.6mln vs. Expected build of 1.7mln bbls.
  • US SPR drops another 1.4mln bbls as part of Biden's oil market intervention scheme
Energy BulletsCommodities
Energy BulletsCommodities

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