Crude Craters After API Reports "Disappointing" Inventory Build

Tyler Durden's picture

WTI Crude hit new 6-week lows at $57.36 after the close as API inventory data showed a build of 1.268 million barrels (after 3 weeks of draws) - dramatically higher than the 5.2mm barrel draw last week. Cushing saw a very small 72k draw.

 

After 3 weeks of hope-strwen draws, API reports a build this week...

 

And so prices dropped rapidly...

 

Charts: Bloomberg

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
ShorTed's picture

Craters?  $.40 is not much of a crater.

SERReal1's picture

My thoughts exactly. A crater would be something akin to a $10.00/bbl drop.

disabledvet's picture

Mine is more like a drop of fifty bucks a barrel.

 

Yes, gasoline is still ten cents a gallon in Venezuela in case anyone is wondering.

 

Long triple Evinrude 300's on your 40 foot "sport fisher"...

winchester's picture
winchester (not verified) disabledvet May 27, 2015 4:07 PM

 

Craters?  $.40 is not much of a crater.

 

40cts in 1min is a crater for tyler, what is not showd is after this minute the  price up  2-10x more... tyler moments i call them now, anytime i see a 1 minute gfx i  mostly instant close the tab.

sun tzu's picture

That's stupid of the Venezuelan government to sell gasoline at 10 cents a gallon when they could sell it on the global market for $2.20 and use that money to buy toilet paper and electricity.

khakuda's picture

Hahaha.  So true.  "Craters to six week lows!!!!"  Yeah, it's off like $3 in total.  Big deal. 

It was the move from $100 to $40 that was the crater.  Headlines need a revamp.

winchester's picture
winchester (not verified) khakuda May 27, 2015 4:08 PM

with  " 100 to 40 in 6 month " nobody open the tab and read...

 

Longduckydong's picture
Longduckydong (not verified) ShorTed May 27, 2015 3:56 PM

that's exactly why many are beginning to lose interest in the site.   

new game's picture

shallow crater. wonder how much oil a crater can hold? future storage?

oil in a crater...

Bell's 2 hearted's picture

i think Lake Mead will be available, shortly ...

OpTwoMistic's picture

"API Reports "Disappointing" Inventory Build"

Disappointing to whom?

heisenberg991's picture

2.74 a gallon is still way too high. Stop being so greedy.

winchester's picture
winchester (not verified) heisenberg991 May 27, 2015 4:10 PM

EU : 1.30€ / L.... so no, sorry, your gallon is not high...

adr's picture

and your tax is half of that so, sorry the actual commodity is still high.

Bell's 2 hearted's picture

redbook and ICSC - Goldman reported today weak chain store sales for week ending may 23rd ... both had same excuse

 

drumroll, please ... now for the envelope

 

"weather"

henry chucho's picture

Oil still trades on fundamentals..too bad Goldman gets a peek at the fundamentals 3 days before everybody else

lbrecken's picture

Craters my arse...I thought Cushing would overflow? What another draw?  Never thoguht day would come that ZH was in tank with GS shills for adminsitration.......it seems interests are aligned.

Jackagain's picture

Holding UWTI are ya....

sun tzu's picture

Methinks quite a few ZH'ers went long oil. The same mistake made in 2008 when everyone thought the dollar would collapse. Instead, oil went from $140 to $38. The USD will be the last fiat down the toilet. By then, the oil futures will be worthless unless you have enough money to keep rolling out for the next 10 years.

sun tzu's picture

that looks more like a build than a draw. 

ZH should be in the tank for commodites speculators instead, because we all love higher gas prices 

fremannx's picture

As this analysis concludes, more downside is in store for OIL...

http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...

FreeShitter's picture

Wake me up < 40.00