Oil Jumps Above $61 After API Shows Larger-Than-Expected Inventory Draw

Submitted by Tyler Durden on 05/12/2015 16:40 -0400

• Crude
 
• Distillates

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Following last week's biggest inventory draw since September 2014 of 3.88 million barrels, expectations were for a relatively small 250k draw this week (with builds in gasoline and distillates). API reported a considerably bigger than expected 2 million bbl draw (with a 827k draw from Cushing). WTI Crude has pushed up above $61 on the news.

A 2nd draw in a row...

Pushed WTI up over $61...

Charts: Bloomberg

Average: