Against Reuters expectations of a 3.25 million barrel build, DOE reports a 6.3 million barrel build... Just 24 hours after Jim Cramer proclaimed, "this smells like a bottom" in crude oil, the crucial commodity (though it is unclear whether lower oil is good or bad today for now) appears to have flushed a few weak hands in a 3-day squeeze and 1430ET ramp-fest as price reasserts to the 'fundamentals' of over-supply and under-demand. WTI has plunged from over $54 at the NYMEX close yesterday to around $50 this morning...
WTI Crude is down almost 10% from yesterday's highs...
"Smells like something" for sure...
As the inventory build continues for a 4th week...
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