WTI Holds Losses After DOE Confirms Large Cushing Inventory Build Despite Crude Production Cut

Confirming API's data overnight, DOE reports a build in overall crude inventory (961k barrels - less than API) foro the 9th week in a row but more worryingly a significant build in Cushing inventories (+1.74mm barrels) for the 3rd week in a row. This 'bearish' shift is offset for now by the biggest drop in overall crude production in 7 weeks.

 

 

 

Dramatically more than seasonally expected...

 

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

 

As Crude production fell the most in 7 weeks...

 

And the reaction is muted as WTO holds onto losses post-API...

 

 

Charts: Bloomberg