EIA weekly US oil inventories -12,580K vs -2758K expected


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  • Prior was -3691K
  • Gasoline +2769K vs +1625K expected
  • Distillates +3547K vs 1457K expected
  • SPR draw of 1.4m barrels

There was a huge draw but it was foreshadowed somewhat by the 7m draw in the API data from late yesterday. Oil made some gains on the headlines but it’s not back to the session highs as it fights a rising USD on the tape.