Crude prices rallied this morning - on the back of absolutely nothing - ahead of this morning's DOE inventory/production data. Following last night's bigger than expected 4.8 mm barrel API inventory build, DOE reports a huge 8.17mm barrel build (against expectations of a 4.91mm build) - the 11th consecutive week and longest streak on record. Cushing inventories rose for the 16th consecutive week, up 1.91mm barrels (against a 2.1mm barrel build expectation). Crude production hit a new record high. Oil prices are giving back this morning's gains...
- *CRUDE OIL INVENTORIES ROSE 8.17 MLN BARRELS, EIA SAYS
- *CUSHING CRUDE OIL INVENTORIES ROSE 1.91 MLN BBL, EIA SAYS
- *U.S. CRUDE OUTPUT ROSE 0.032% TO 9.422 MLN B/D, EIA SAYS
11th week in a row... a record
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As Total Inventories hits a new record high...
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And production hits a new record high...
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And Crude gives back this morning's hope-filled rally
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Charts: Blooomberg
