Crude Crashes On Biggest 2-Week Gasoline Inventory Build On Record

Confirming API data overnight, DOE reports that while total inventories of crude rose less than expected (+234k vs +2.1mm exp.) Gasoline and Distillates saw a massive build once again. Gasoline invenrtories rose 8.44mm barrels (following last week's 10.6mm record build) is the biggest 2-week inventory build in history. Crude has crashed back from overenight "China is buying oil" demand hopes.

  • *GASOLINE INVENTORIES ROSE 8.44 MLN BARRELS, EIA SAYS
  • *DISTILLATE INVENTORIES ROSE 6.14 MLN BARRELS, EIA SAYS
  • *CRUDE OIL INVENTORIES ROSE 234,000 BARRELS, EIA SAYS

This is the biggest 2-week gasoline inventory build in history

 

Worse still:

  • *CUSHING CRUDE INVENTORIES REACH RECORD HIGH OF 64M BBL

And crude is reacting how it should...

 

And then there is this:

  • *U.S. FUEL DEMAND FELL 2.15% IN PAST FOUR WEEKS, EIA SAYS

And Production rose 0.13% in The Lower 48!