Confirming last night's API report, [3] DOE reports that total crude inventories rose for the 10th week in a row (up by 1.177mm barrels) This is a huge surprise relative to the 800k draw that analysts expected as total product demand dropped 1.6% relative to last year. Which all makes panicked cash-flow sense as production rose by 37k bpd.
10th weekly build in a row...
[4]
Production rises to highest since Aug 28th...
[5]
Which is happening as demand tumbles...
- GASOLINE DEMAND -0.6% VS SAME 4 WKS LAST YR;
- - TOTAL PRODUCT DEMAND -1.6% VS SAME 4 WKS LAST YR
And the reaction...
[6]
Charts: Bloomberg
