API Reports Draw

[Cliff_N]

API report out this PM:

Oil Inventories DOWN -2,428,000 BARRELS

Gasoline -2.549 million

Cushing -1.937 million

[dan_s]

Tomorrow should be interesting if EIA report confirms these draws. HFI Research forecast a small build, but thinks EIA has been reporting crude oil inventories too high for months and needs to correct their numbers.

The rally in natural gas prices has been impressive. Might be a bit ahead of itself.