API

API reported huge draw in crude and gasoline inventories. Crude oil stockpile declined -3.19 mmb (consensus: -0.33 mmb) to 343.5 mmb in the week ended August 28 as surge in refinery runs outpaced increase in imports. Cushing stockpile also fell -0.4 mmb in the week. Gasoline stockpile dropped -2.81 mmb to 206.9 mmb despite rise in refinery runs while distillate inventory rose +0.92 mmb to 161.8 m

The APi threw a bid under oil the globex low was 67.75 and we are long at 68 with a stop at 67.6

We take the 70 cents again and we will continue to enter near the bottom of the channel this time just below at 67.80

stop 67. 5 I fhe EIa comes in like the APi it should go but a strong dollar and a weak market might hamper its take off

ultimately a big enough draw will allow oil to lead the whole market up