Well, the data from the EIA confirmed the huge draw in oil inventories and oil spiked above 5%.
This is where it gets interesting.
Total drawn: 4.949M
Expectations : 2.300M
Beat expectations by: 2.649M
But gasoline increased by 1.438M and distillate increased by 1.799M, which put the total figure of increase of both gasoline and distillate inventories at 3.237M
Increase of gasoline and distillate inventories of 3.237M vs beat in expectations of 2.649M.
This is a case where the rally is headline driven with lesser attention paid to the details.
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