Following last night's huge 12.2 mm barrel inventory rise estimate from API, DOE has just confirmed last week saw an almost all-time high 10.95 million barrel inventory build. This is the higest since March 2001. With today's 1.232 million barrel addition at Cushing, Goldman estimates only about 10% of storage capacity is left. And to complete the trifecta, crude oil production ticked back up again after last week's hope-strewn reduction.
- U.S. CRUDE OIL STOCKS LARGEST WEEKLY BUILD SINCE MARCH 2001 - EIA
- U.S. GULF COAST CRUDE STOCKS LARGEST WEEKLY BUILD SINCE JULY 2010 - EIA
Biggest weekly build in 14 years... 13th week in a row of builds - a record
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Hitting another all-time record high inventory...
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With Cushing rising notably - pushing storage levels to around 90%
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Weighing on crude...
Retracing most of yesterday's idiocy...
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Charts: Bloomberg
