Following last week's modest inventory build, API reports another much larger-than-expected build in total crude inventories (+2.6mm barrels). This is the 9th weekly build in a row for total crude inventory but more worrisome is the 3rd weekly surge in Cushing inventories (+1.9mm build) as we warned previously, land storage fears are starting to rise [3].
Cushing and Total crude inventories surge...
[4]
Dramatically more than seasonally expected...
[5]
And it's filling up...3mo highs
[6]
And the reaction...
[7]
Probably not a great move for stocks...
[8]
Charts: Bloomberg
