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Crude rallies above $37

Posted on: April 07, 2016

Crude markets rallied across the board on Wednesday, with WTI settling $1.86 higher at $37.75. APIs started the buying Tuesday afternoon, when predictions of a large draw surprised the market.

When the EIA confirmed the report Wednesday morning with a draw of almost 5MM compared to expectations of a build close to 3MM, participants started hammering on the bid. Increased refinery utilization and reduced imports also helped optimism, however the overall picture is not much rosier.

This morning the market is retreating a bit in early trading.

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