API Signals Fastest Inventory Build In At Least 34 Years

Against expectations of a 4.75 million barrel build (according to Bloomberg), API reported a 4.8 mm barrel build overall but the Cushing build (2mm barrels) was less than last week's 3mm build. This is the 11th weekly build in a row - the longest streak of builds since October 2004. The last 11 weeks have seen inventories build over 20% - the fastest pace on record.

  • *API SAID TO REPORT CUSHING STOCKPILES UP 2M BBL
  • *API SAID TO REPORT U.S. CRUDE STOCKPILES UP 4.8M BBL

Before the data hit, WTI popped after the data was released...

 

Crude Inventories are soaring at by far the fastest pace on record...

 

Charts: Bloomberg