Oil Extends Losses After Big Distillates Inventory Build

Tyler Durden's picture

After last week's surprise crude build (biggest in ~4 months) and builds across the entire complex, API reported a crude build of 942k barreles (just shy of expectations of +1.5mm) and while Cushing and Gasoline saw draws, Distillates saw a major 3mm barrel build (+275k exp). The initial reaction in crude was to extend the day's losses, back below $46.50...



  • Crude +942k (+1.5mm exp)
  • Cushing -620k
  • Gasoline -1.6mm (-1.25mm exp)
  • Distillates +3mm (+275k exp)

Another Crude build but the big news was a major Distillates build...


And the reaction in crude after a down day was an initial kneejerk lower...


Charts: Bloomberg

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cheka's picture

all i need is gartman.  inventories are for amateurs

adr's picture

So we wait for DOE to fill the gap back up?

It is amazing how shifting oil from one port to another can cause manic 5% jumps or dumps in seconds.


Hohum's picture

Looks like imports about 8.5M barrels per day

E.F. Mutton's picture

They forgot "Unexpected"

Lewshine's picture

HAHA! Wait till tomorrow's algos target 50.00 (which only means that the true tape on brent is around 22.00), on more supply news...for the 100th time (sheep).

Hubbs's picture

I am soooo tired of all this oil builds, oil falls crap. reminds me of that one episode on the Simpsons where Homer is in the hopsital bed playing with the electric bed hand control.


"Bed goes up, Bed goes down"


Really. That idiotic! Just like this comment.

buzzsaw99's picture

I told you never to call me on the golf course! What's that? Then sell! They're all selling? Then buy! [/al czervik]

pebblewriter's picture

Big time support at 46.  if it doesn't hold, that's when traders should start getting nervous.