Against expectations of a 4.75 million barrel build (according to Bloomberg), API reported a 4.8 mm barrel build overall but the Cushing build (2mm barrels) was less than last week's 3mm build. This is the 11th weekly build in a row - the longest streak of builds since October 2004. The last 11 weeks have seen inventories build over 20% - the fastest pace on record.
- *API SAID TO REPORT CUSHING STOCKPILES UP 2M BBL
- *API SAID TO REPORT U.S. CRUDE STOCKPILES UP 4.8M BBL
Before the data hit, WTI popped after the data was released...
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Crude Inventories are soaring at by far the fastest pace on record...
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Charts: Bloomberg
