While less than API's huge 9.3mm barrel build reported last night, DOE reported a 7.56mm barrel inventory build - the largest in over 6 months. This is the highest crude stock level seasonally on record. Crude prices dipped on the news but rallied back to pre-data levels - though are notably holding on to the losses from the API print... even as production dropped notably week-over-week.
Biggest crude build in 6 months...
[3]
remaining at the seasonally highest level of stocks on record...
[4]
And crude is holding losses...
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Ugly now...
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Even as production drops to new 11 month lows...
[7]
Charts: Bloomberg
