After a day of exuberant hope from rumors of production cuts, WTI crude is plunging back to reality as API reports a stunning 11.4 million barrel inventory build. This is the biggest weekly build since May 1996.
When moar is not better…
Of course – after 3 weeks of massive builds in gasoline and distillates inventories, this should be no surprise.
And the reaction…
Let’s hope that stocks can decouple from oil’s harsh reality or all that dead cat bubble bounce will be gone before Janet gets to unleash her statement.
via Zero Hedge http://ift.tt/1PBFGBx Tyler Durden