WTI Hits 4-Month Highs, Tops $58 After Surprise Crude Draw, Production Cut

Original post

Crude rose for a third day after API reported an unexpected drop in U.S. stockpiles just as planned cuts and disruptions to OPEC output are tightening supply.

While OPEC nations like Saudi Arabia press on with planned production curbs, crises in fellow members Venezuela and Iran are also removing barrels from the market.

Additionally, the EIA in its monthly Short-Term Energy Outlook trimmed American crude output this year to 12.3 million barrels a day — 110,000 barrels lower than it had forecast previously.

API

Crude -2.58mm (+3.00mm exp)

Cushing -1.06mm

Gasoline -5.85mm

Distillates +195k

DOE

Crude -3.86mm (+3.00mm exp)

Cushing -672k

Gasoline -4.62mm

Distillates+383k

DOE confirmed API’s surprise crude

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