Following last night's API-reported yuuge build in crude of 8.8mm barrels (and draw in gasoline and Cushing - confirming Genscape's earlier report), DOE reports today an even bigger 9.36m barrel build - the 2nd biggest build in a year. Crude prices were confused as this massive build was offset by a drop in crude prioduction to Nov 2014 lows and a big draw at Cushing... but for now Oil is extending losses. Finally we note that gasolineprices are now flat from January last year - less unequivocally good than before.
- *CRUDE OIL INVENTORIES ROSE 9.36 MLN BARRELS, EIA SAYS
- *GASOLINE INVENTORIES FELL 4.64 MLN BARRELS, EIA SAYS
- *DISTILLATE INVENTORIES ROSE 917,000 BARRELS, EIA SAYS
Even more than API reported...
While the Cushingh draw is "good" news, it appears everyone is now dumping on the East and Gulf Coasts:
- East Coast +1.8
- Midwest -0.1
- Gulf Coast +9.0
- Rocky Mount +0.1
- West Coast -1.4
But the crude build was offset by a drop in production...
Crude reacted poorly, then the algpos ripped it higher, then realitry set back in...