Having risen for the 8th straight day – the longest stretch in 7 years – oil prices kneejerked lower after API reported a surprisingly large 4.8mm inventory build (1.5mm draw expected) – the largest in 6 weeks. Gasoline and Distillates saw draws but Cushing built for the 4th week of the last 5.
- Crude +4.2mm (-1.5mm exp) – biggest in 6 weeks
- Cushing +528k (+500k exp) – 4th build in last 5 weeks
- Gasoline -2.8mm (+1mm exp)
- Distillates -1.7mm (+1mm exp)
Following last week’s surprise build, API reported another surprise build this week in overall crude inventories…
And the reaction was a kneejerk lower holding below $54…