Crude Drops On Yuuge Inventory Build

Overall crude inventories rose for the 6th week in a row according to API. Despite draws in Gasoline, Distillates, and Cushing; Crude inventories surged 8.8mm barrels - the 2nd biggest weekly build in a year.

API, according to RTRS:

  • Crude +8.796mm
  • Cushing -1.37mm (confirming Genscape's data)
  • Gasoline -4.3mm
  • Distillates -391k

This was a big draw in Cushing but appears to be dominated by the surge in overall inventories...

Crude is giving back some of the bounce gains on the news...

 

 

Charts: Bloomberg