WTI prices rallied further, yesterday, operating in their own world, detached from apparent economic weakness in China and a strong US dollar. The EIA confirmed the massive drawdown in crude oil inventories that was first reported by the API Tuesday night. Prices jumped above $106 shortly after the release. There is some head-scratching going on, regarding the math behind the drawdown. Imports were very low at 7.5 million bpd, and refinery runs were very high at 92.4%. US refiners processed 16.1 million bpd of crude during the reporting period.
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