After last week's record inventory build, it is perhap sno surpriose that API reports a 2.6mm build (below expectationsfor a mere 3.5mm bbl build). If this is confirmed by DOE data tomorrow, this will be the 14th week in a row - the longest streak on record. More importantly, the Cushing inventory build rose more than last week (+1.3mm vs +1.2mm) - this is the 18th week in a row of inventory builds at Cushing (which is now over 90% full - 70.8mm bbl capacity).
Crude jumped modestly on this build...
[3]
But Cushing Capacity Constraints remain a concern...
[4]
Charts: Bloomberg
