Confirming last night's surprise API inventory build data, after 8 weeks of inventory draws, DOE reports crude oil inventories rose 2.386 million barrels. Overall production dropped a miniscule 0.09% last week but basically production remains at cycle record highs. Crude prices are dropping on the news... testing to a $57 handle.
The Builds are back...
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This is the 3rd week in a row of builds at Cushing...
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The result... a $57 handle for WTI
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Some context for this move...
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Charts: Bloomberg
