For the 2nd week in a row, crude oil inventories saw a build (after 8 weeks of draws) albeit a modest 384k barrels. Cushing also saw an inventory build. At the same time, production rose very modestly back to near cycle record highs (thouygh we note an extremely small drop in Lower 48 production). Crude prices have tumbled on the news as apparently yesterday's exuberance over better demand data from EIA has been long forgotten...
Another build (and near record production)...
[4]
And prices give back yesterday's exuberant gains...
[5]
Charts: Bloomberg
