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WTI Surges Above $51 After Unexpected Crude Inventory Draw

Seasonally, expectations are for continued builds in inventories (following last week's biggest build in 6 months) but API reported a massive 3.8mm drawdown (against 2.1mm build expectations) sending WTI prices soaring. Distillates also saw a notable draw as Gasoline built modestly. Cushing saw the biggest draw since Feb 2014. API Crude -3.8mm (+2.1mm exp) Cushing -1.96mm (-1.
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