Crude Slides After API Reports Another Huge Inventory Build At Cushing

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.

 

Cushing and Total crude inventories surge...

 

Dramatically more than seasonally expected...

 

And it's filling up...3mo highs

 

And the reaction...

 

Probably not a great move for stocks...

 

 

Charts: Bloomberg