API Crude Oil Inventories - quite a build but little reaction

This evening at 16:30 EST (21:30 GMT) on January 24th the weekly Inventories report for Crude Oil, Distillate and Gasoline was released from the American Petroleum Institute or API. There was quite a build on Crude but Draws on Distillate and Gasoline. Normally a build especially this large is quite bearish, there was a small pop down but nothing much.

Here are the figures:


API U.S. Crude Oil Inventories
Actual: +7331k Prior: -4809k No Revision

API Cushing Crude OK Inventory
Actual: +386k Prior: -819k No Revision

API U.S. Distillate Inventory
Actual: -2464k Prior: -900k No Revision

API U.S. Gasoline Inventories
Actual: -573k Prior: +4309k No Revision

Here is the 1 minute chart of the Active Crude Oil Future, it did pop down 20 ticks,
but retraced back to pre-release soon there after: