WTI Plunges Below $50 On Biggest Inventory Build In 6 Months
Following last night’s bigger than expected build from API, DOE reports an even bigger (4.85 mm barrel) build – the biggest since April (and first build in six weeks). Cushing, Gasoline, and Distillates saw bigger than expected draws (likely presured by Hurricane effects). While Production dropped very modestly on the week, WTI plunged off early high back below $50.
- Crude +2.7mm (+2mm exp)
- Cushing -1.352mm (+100k exp)
- Gasoline +688k (-900k exp)
- Distillates -4.517mm
- Crude +4.85mm (+2mm exp)
- Cushing -1.318mm (+100k exp)
- Gasoline -1.907mm (-900k exp)
- Distillates -3.746mm
US Crude inventories rose for the first time in six weeks with the biggest build in 6 months…
US Production remains stuck around the 8.5mm bbl/d level
Gasoline stocks drew down 1.9MMbbl to 225MM, approaching the historical level for this time of year:
Likewise, distillates – perhaps on the back of last week’s hurricane – also declined by 3.7MMbbl and are now just 9MMbbl higher than 2015’s level:
Oil prices rallied back up to pre-API levels before the DOE datas hit
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