API oil inventories out. Crude, 429.4 mln bbls, down 3.016 mln...

API oil inventories out.

Crude, 429.4 mln bbls, down 3.016 mln bbls. Down 15.5% y-o-y.

Gasoline, 238.9 mln bbls, up 2.113 mln bbls. Down 2.3% y-o-y.

Distillate, 115.5 mln bbls, up 0.75 mln bbls. Down 24.2% y-o-y.

Larger than expected draw in crude. Products built, but remain down y-o-y with distillate still dangerously low.

We'll have to see the EIA report tomorrow, but this week's big, BIG event for oil will be Thursday, Friday OPEC meeting and their decision.

Buy crude (WTI) if it dips, which it will.