"Crude Tumbles As Inventory Draw Disappoints Despite Production Plunge"

Astute readers may have noticed we haven't posted the last couple American Petroleum Institute reports when they came out a week ago Tuesday and yesterday's holiday delayed numbers.
As noted after the Tues. June 21 API release:

That's a big pull but I'm a little surprised the price action isn't even more dramatic.
For the last three weeks we've seen non-confirmation from the EIA so that may be part of the reticence....

Here's the last 24 hours action:

FinViz

Front month $46.32, down $1.11 after trading up to $48.25.
And here's ZeroHedge:

Following last night's larger-than-expected API-reported biggest drawdown in 13 months, DOE reported a mere 2.2mm draw (well below API's 6.7mm draw and expectations of a 2.5mm draw). Perhaps even bigger was the very small 122k draw in gasoline stocks compared to API's 3.6mm draw and WTI is tumbling in reaction. However, crude production plunged by 2.25% last week - the biggest drop since Sept 2013.
API

• Crude -6.736mm (-2.5mm exp)
• Cushing +80k
• Gasoline -3.603mm
• Distillates -2.305mm

DOE

• Crude -2.223mm (-2.5mm exp)
• Cushing -82k
• Gasoline -122k
• Distillates -1.57mm

The breakdown by region, in which it is notable that PADD 3 crude imports rose to 3.86m b/d last wk, highest since Dec. 11 as total U.S. imports of crude 8363k b/d vs 7555k.

• PADD 1 837k b/d vs 764k
• PADD 2 2037k b/d vs 2138k
• PADD 3 3858k b/d vs 3072k
• PADD 4 305k b/d vs 299k
• PADD 5 1324k b/d vs 1282k

Canad[ian] imports dropped as imports from most other regions jumped....

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