Who could have seen that coming? For 2 days, oil has surged on every headline (good or bad) as algo-mania created the 2nd best performance in 4 years.. and then API reports an absolutely massive 12.2 million (almost 4 times larger than the 3.4mm estimate). If this corresponds to the DOE inventory data tomorrow - this is the biggest inventory build since 1985... Crude prices are... not up...
- *API SAID TO REPORT U.S. CRUDE STOCKPILES UP 12.2M BBL
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The result.
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So to get this straight... we have the biggest inventory build in 30 years, and the 13th week in a row of inventory bulds (an all-time record) and oil rwtraces $1 of its epic farce $3 gain on the day!
Oh, and the cherry on top: if the EIA confirms the Cushing stockpile increase of 1.2MM tomorrow, the hub is now, according to Goldman estimates, [5]just about 90% full!
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