Oil prices are surging this morning, playing catch up to gold and crypto, with all eyes on the official inventory and supply data for what happens next

DOE

Crude -4.87mm (-275k exp)

Cushing -875k

Gasoline +3.328mm

Distillates +3.454mm

US crude stocks fell for the third straight week (more than expected)

Source: Bloomberg

This draw dragged crude stocks down to their lowest since February…

Source: Bloomberg

The Biden admin added 650k barrels to SPR last week…

Source: Bloomberg

US crude production remains at record highs while rig counts fell to their lowest since Jan 2022…

Source: Bloomberg

WTI is extending gains after the crude draw…

Source: Bloomberg

Not a great picture for pump prices and inflation?