For the 7th week in a row, Cushing inventories saw a build (+545k) pushing to new record high stockpiles but that was offset by a smaller-than-expected build in overall crude (+1.3m vs +3.2m and less than API overnight). Smaller-than-expected draws in Gasoline and Distillates are helping to fade the early gains in crude.
DOE
- *CRUDE OIL INVENTORIES ROSE 1.32 MLN BARRELS, EIA SAYS (whisper +2m)
- *CUSHING INVENTORIES ROSE 545,000 BARRELS, EIA SAYS (whsiper +497k)
- *GASOLINE INVENTORIES FELL 747,000 BARRELS, EIA SAYS (whisper -1.6m)
- *DISTILLATE INVENTORIES FELL 1.13 MLN BARRELS, EIA SAYS
9th weekly build in last 10 and 7th weekly build in Cushing…
Crude production saw a de minimus 0.11% drop WoW, led by a 0.2% drop in The Lower 48.
The kneejerk reaction was downward…
Although we are confident the algos will promptly find something which will ignite upward momentum and the gap will be filled within seconds.
via Zero Hedge http://ift.tt/1po722f Tyler Durden