Following last night's pump'n'dump after API inventories exceeded expectations [4] (5.2mm vs 4.2mm exp.), WTI crude prices have dropped to almost a $46 handle and recovered as chatter of "no deal" from Switzerland picks up. DOE reports a 4.766mm barrel build, greater than expected, for the 12th week in a row - the longest streak since records began in 1982. Crude prices are however surging as production dropped wekk-over-week for only the 2nd time this year...
Inventories hit a new record high and are up 12 weeks in a row - a 33 year record high...
[5]
But crude production fell WoW for only the 2nd time this year...
[6]
The end result.. a rally for now...
[7]
Charts: Bloomberg
