WTI Holds Near 18 Year Lows After Inventory Build, Record Production
With Russia-Saudi (supply) standoff continuing and the global demand suck as nation by nation locks down from Covid-19, oil prices collapsed to their lowest since 2002 (with WTI trading with a $24 handle)…
API
-
Crude -421k (+3.1mm exp)
-
Cushing +66k
-
Gasoline -7.8mm (-2.4mm exp)
-
Distillates -3.6mm (-2.3mm exp)
DOE
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Crude +1.954mm (+3.1mm exp)
-
Cushing +563k
-
Gasoline -6.18mm (-2.4mm exp)
-
Distillates -2.94mm (-2.3mm exp)
As opposed to API’s surprise draw, DOE data confirmed analysts’ expectations for an 8th weekly build in a row (while products once again saw major draws)…
Source: Bloomberg
US Crude Production picked back up to a record high…
Source: Bloomberg
WTI was trading around $25.50 ahead of the DOE data and extended losses after the crude build…
Finally, Bloomberg shows what has happened during the last 3 oil price wars…
Source: Bloomberg
In other words, the rout could have a while yet to run, if past price wars are anything to go by.
Tyler Durden
Wed, 03/18/2020 – 10:36
via ZeroHedge News https://ift.tt/33yM1rl Tyler Durden