WTI Sinks After Surprise Crude Inventory Build

WTI has roller-coastered higher since last week's 'bullish' API report and rose today for the 6th of the last 7 days (on Saudi cut hype). While many eyes are on record high shale production, the recent trend in inventory draws remains key but API upset that dream briefly as Crude saw an unexpected build (+1.628mm vs -3.5mm exp). Gasoline and Distillates saw major draws (much bigger than expected) and Cushing saw its first build in 8 weeks.

Guess What Happens In States Where Food Stamp Recipients Have To Work

Alabama began 2017 by requiring able-bodied adults without children in 13 counties to either find a job or participate in work training as a condition for continuing to receive Supplemental Nutrition Assistance Program (SNAP) benefits. According to AL.com, the number of those recipients declined from 5,538 to 831 between Jan. 1 and the beginning of May – an 85 percent drop.

The ECB's Balance Sheet Is Now The Size Of Japan's GDP

The ECB's balance sheet now stands at €4.23 trillion, making it the largest central bank holding in the World. As Deutsche Bank notes, this is the same as the GDP of Japan (€4.3 trillion) - the 3rd biggest economy in the world and a decent distance ahead of Germany (€3.02tn) - the fourth largest.

Maxine Waters' Contributions Collapse As Her "Resist 45" Efforts Fail To Inspire

Maxine Waters, the Democratic Representative from the progressive paradise of California, has been an active participant in the "Resist 45" movement.  Of course, it's somewhat likely that all of her grandstanding has been nothing more than a political stunt designed to raise extra cash for the Democratic Party.  But, the only problem with the plan is that it doesn't seem to be working at all.