Big API News (Fixed small typo)I am not sure if the API numbers are correct, they often are wrong but the gasoline and distilite numbers are equally important.
1 BOE Crude = 20 gallon gasoline + 12 gallons of distillate = 76% of a boe
So the API
Crude oil -1.770 million (exp. +1.966 million)
Gasoline -3.474 million
Distillates -4.046 million
Cushing +925,000
SPR release 6.2 million
So to replace the gasoline (3.474 million/boe) you need 7.29 boe cude, and that would also replace (1.73 million/boe) distillates
So that leaves you still with a -2.316 million/ boe deficiet of distillates.
The way i see it is this (-6.2 SPR -1.770 -7.29 (gas +dis) +cushing +.925)
= -14.335 million/boe + (-2.316 million/boe distillates)
So the way i see it a massive draw equalivent to more than 15 million boe if you count the oil from the SPR and the distillates
From on boe oil you only get 1/4 boe of distilates, so this is a big draw in distillates.
In anycase a huge draw, and tommorow will be a very interesting day.
If i made any mistakes i apoligize in advance, or maybe my slant on this may be incorrect but it is the way i understand it.
IMHO