An ugly week or two for WTI/RBOB continued today ahead of tonight’s inventory data and after API reported big builds in crude, gasoline, and distillates; both WTI and RBOB dropped further.
API
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Crude +3.947mm (+3.05mm exp)
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Cushing -2.319mm (-1.7mm exp)
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Gasoline +4.634mm
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Distillates +1.1mm
3rd weekly crude build in a row and big builds in products too…
Not been a pretty week or two for the record spec longs… and it just got a little worse…
Of course the big story on traders’ minds is surging US production and sudden questions about potential global growth spooked by stocks…
via Zero Hedge http://ift.tt/2nWWlFR Tyler Durden