EIA Massive Crude Draw: 12.6M Bbls, products upMassive reported crude draw 12.6M bbls.
SPR only drew down 1.4M bbls.
This is the time that crude inventories will fall off a cliff.
EIA data, week ending 11/26 Crude oil: -12.6M Domestic prod: 12.1MMbpd SPR: -1.4M Cushing: -0.4M Gasoline: +2.8M Impld mogas demand: 8.32Mbpd Distillates: +3.5M Refiner utilz: 95.2% Total exports: 11.78MMbpd #oil #OOTT #gasbuddy #eia EIA (wk ending 25 Nov) Crude: -12.580M Cushing: -0.415M Gasoline: 2.769M Distillates: 3.547M
Massive Draw: Crude -12.581MM, Exp. -3.123 Gasoline +2.77MM Distillate +3.547MM Cushing -415K Production 12.1MMb/d, unch SPR Draw -1.402MM, means total draw was 14 MILLION! got oil? U.S CRUDE OIL INVENTORIES ACTUAL: -12581K VS -3690K PREVIOUS; EST -3123K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: -415K VS -887K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: 2770K VS 3058K PREVIOUS; EST 2250K U.S DISTILLATE INVENTORY ACTUAL: 3547K VS 1718K PREVIOUS; EST 1492K