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Crude gains $1.57

Posted on: May 12, 2016

​​WTI staged another rally on Wednesday, with the front month gaining $1.57 to settle at $46.23. After losing steam after the settle on Tuesday thanks to a bearish API report, the EIA numbers came to the rescue. Large declines in gasoline stocks (-1.23MM compared to -0.5MM expected) and crude stocks (-3.4MM compared to +0.75MM expected) were the catalysts, as this was the largest combined draw since summer of 2015.

This morning the curve is up slightly in early trading.

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