Following last night's inventory build report from API, [3] expectations adjusted to a 818k build for the DOE data this morning. However, for the 5th week in a row, DOE reported a draw (this time of 1.95 million barrels). WTI Crude had rallied into the data but was still in the red from yesterday's close and spiked on the inventory news. However, once the machines had a chance to see that production rose once again - to a new cycle record - prices began to slide....
5th weekly inventory draw...
[4]
But another jump in production to new cycle record highs...
[5]
and prices are now lower...
[6]
Charts: Bloomberg
