WTI Tanks After Massive Crude, Product Builds; Gasoline Demand Slump

From zerohedge.com

Oil prices shrugged off major product inventory builds (reported by API) to move higher overnight with WTI back above $46 after two tiny Iraqi oil wells were attacked and markets globally rose on the prospect of additional U.S. stimulus. Obviously, demand, or the lack of it, remains the prime driver of sentiment, balances and prices, and bloated inventories remain a drag on market recovery, and this is not unique to U.S. markets. DOE • Crude +15.189mm (-700k exp) - biggest build since April • Cushing 01.364mm • Gasoline +4.221mm - biggest build since April • Distillates +5.222mm - biggest build since May In a ... (full story)