Oil Drops Despite 3.1 Million Drop In Crude Inventories, Diesel Spikes

What happened: Oil prices held near session lows after DOE data showed a larger crude draw than API reported and a bigger draw than expected. Diesel futures rose about 3% while gasoline futures sold off. Key numbers: Crude -3.186 million barrels, biggest draw in 6 weeks, vs expected +1.915 million. Why it matters: Cushing stocks rose for a third week, easing concerns of physical market tightness. Diesel crack spreads are well above levels seen when the latest emergency release was announced, pressuring refiners to choose between gasoline and diesel.

Oil falls despite 3.1M crude draw and diesel spike, signaling bearish sentiment.

Oil falls despite 3.1M crude draw and diesel spike, signaling bearish sentiment. — impact context not separately stored; see What changed.