US API Crude Inventories Plunge 11.12 Million Barrels Last Week

The scale of the draw is the story, but the split matters more: crude falling sharply while Cushing builds and gasoline rises suggests the tightening is not uniform across the barrel. Distillate drawing alongside crude points to product-side demand rather than a simple supply shock. Whether the Cushing build persists against a headline crude draw that large is the open question, since it would signal the crude figure reflects export or timing effects rather than genuine tightness.