This week’s American Petroleum Institution (API) report showed the second consecutive week of crude inventory draws that exceeded expert predictions. The report estimates a 2.21 million barrel drop in inventories, as opposed to the 1.37 million barrel decline expected by industry insiders. Meanwhile, the API estimates that supplies at the Cushing, Oklahoma, storage facility have risen by a massive 4.01 million barrels, as opposed to the 2.87 million unit rise that was forecasted—the largest build at the Cushing facility since 2008. There was instant reaction for West Texas Intermediate (WTI) prices that brought barrel prices up roughly 10 cents after the report was released, but within 45 minutes, prices had dipped $0.88 from its opening mark, likely focused on the colossal Cushing inventory increase. This week’s API report also showed that distillates also grew by a hefty 4.08 million barrels, surpassing the more conservative expectation of a […]