API reports Inventory draw of 2.79 MbAPI reports Inventory draw of -2.79 Mb, analyst expected a build of 700,00' last week we saw a -7.4 Mb decline
Invenory is more than -12 Mb from the start of the year
SPR up +0.3 Mb which takes away supply from the market
Gasoline down -513,000 on top of -300,000 last week
Distillates up +191,000 but were -400,000 last week
Cushing Inv down -2.6 Mb on top of -800,000 draw last week
Does this data suggest a slowing economy? Last week there was a staggering -7.4 Mb decline. Ignore that hard data it means little, future demand is expected down but that is based on someones idea not substantiated by hard data. I only know of one person that likes hot air blown up their arsse.