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Crude Slides After API Shows Another Inventory Build

Tyler Durden's picture




 

Just when everyone thought it was fixed, crude inventories start building again as API reports (for the 2nd week):

*API SAID TO REPORT CRUDE SUPPLIES ROSE 1.8M BBL LAST WEEK

This follows a surprising 1.3 million barrel build last week reporrted by API. WTI slipped back to $61.00 after hours...

 

 

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Tue, 06/02/2015 - 16:45 | 6156840 wrs1
wrs1's picture

Except they were wrong last week.

Tue, 06/02/2015 - 17:35 | 6157025 Publicus
Publicus's picture

Oil is now rising due to inventory build.

Tue, 06/02/2015 - 16:49 | 6156853 kaiserhoff
kaiserhoff's picture

The Fourth of July, gentlemen, is the traditional peak for gas prices.

One more month, and this puppy falls out of bed.

Tue, 06/02/2015 - 16:58 | 6156909 lbrecken
lbrecken's picture

rise last week after EIA said they fell last week..oh one forgot to mention that right?

Tue, 06/02/2015 - 16:58 | 6156911 Sudden Debt
Sudden Debt's picture

An Arabian summer will fix that.

And remember, a weak dollar is high oil. AND THE DOLLAR IS LOSING IT RIGHT NOW.

Tue, 06/02/2015 - 17:11 | 6156945 q99x2
q99x2's picture

It is what is in the detail of the crude slides that matters.

Tue, 06/02/2015 - 17:18 | 6156970 henry chucho
henry chucho's picture

Great! Now Goldman can unwind their short position after hours,before the EIA releases their report tomorrow,which will show a drawdown of 2.5M BBL,just like what happened last week,and the week before that,and...

Tue, 06/02/2015 - 17:21 | 6156980 venturen
venturen's picture

we are going to need to park some more tankers

Tue, 06/02/2015 - 17:33 | 6157007 Osmium
Osmium's picture

Will you fkn consumers get out there and consume more gasoline?  Damn It!

Tue, 06/02/2015 - 17:36 | 6157028 joseJimenez
joseJimenez's picture

oh, okay but can we have some free money please

Tue, 06/02/2015 - 18:03 | 6157139 sun tzu
sun tzu's picture

Inventories are flat at the peak of driving season. Refineries run the summer blend during march thru june. Wait until fall

Tue, 06/02/2015 - 18:36 | 6157258 Wild Theories
Wild Theories's picture

Slide? it just broke the month-long channel top today

Tue, 06/02/2015 - 19:11 | 6157389 NoWayJose
NoWayJose's picture

Betcha we get some draws right as the algos drive up the oil price for the Fourth of July.

Tue, 06/02/2015 - 21:31 | 6157772 Youri Carma
Youri Carma's picture

And:

Investors cut bets on oil-price recovery
1 June 2015, by Georgi Kantchev - London (MarketWatch)
http://www.marketwatch.com/story/investors-cut-bets-on-oil-price-recovery-2015-06-01-9485337

Tue, 06/02/2015 - 23:38 | 6158031 JoWazzoo
JoWazzoo's picture

API numbers are BS.  EIA number is far more important.

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