Following last week's massive inventory build (and hope for improved gasoline demand), API reports another much bigger-than-expected build (Crude +9.94mm versus +3.5mm exp) and WTI and RBOB prices tumbled.
- Crude +9.94mm (+3.5mm exp)
- Cushing -1.27mm (+500k exp)
- Distillates +1.5mm
This wil be the 6th weekly build in a row for crude (and 3rd week of major builds)...
If the DOE data is anything loike the API data then this will be a new record for US crude inventory...
Notably Energy stocks and the broad market decoupled for now from oil prices...
As one trader noted, “Right now, the dollar is affecting the market more than anything,” but WTI and RBOB algos reacted immediatley with selling pressure (WTI below $53)