Monster Crude Draw reportedMuch bigger than anticipated by most of the news feeds. I am willing to bet that most of the distillate increase was propane.
The American Petroleum Institute (API) has reported a massive 11.486-million-barrel draw in U.S. crude inventories, compared with the previous week's 2.418-million-barrel draw as the markets weigh China's economic activity against U.S. crude inventories.
Gasoline inventories saw a build this week, rising by 1.40 million barrels, compared to last week's 1.898 million barrels dip in the week prior. Gasoline inventories are roughly 5% less than the five-year average for this time of year. Distillate inventories rose by 2.46 million barrels, after the 153,000 barrel draw in the week prior, and are already sitting somewhere around 16% below the five-year average for this time of year.