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Crude Inventory 16.28M Barrels vs 1.38M Expected
Oil prices are extending yesterday's losses as a surge in crude inventories reported by API overnight, combined with a strong dollar weighed on sentiment. But all eyes are on the official data this morning to see if it confirms the giant build from API... API • Crude +10.507mm (+600k exp) • Cushing +1.954mm • Gasoline +846k (+1.6mm exp) • Distillates +1.782mm (-100k exp) DOE • Crude +16.28mm (+600k exp) • Cushing +659k • Gasoline +2.316mm (+1.6mm exp) • Distillates -1.285mm (-100k exp) And it did... If you thought the API print was big, the official crude inventory build was even bigger-er... at ... (full story)
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WTI Extends Losses After Massive Crude Inventory Build
Oil prices are extending yesterday's losses as a surge in crude inventories reported by API overnight, combined with a strong dollar weighed on sentiment. But all eyes are on the official data this morning to see if it confirms the giant build from API... API Crude +10.507mm (+600k exp) Cushing +1.954mm Gasoline +846k (+1.6mm exp) Distillates +1.782mm (-100k exp) DOE Crude +16.28mm (+600k exp) Cushing +659k Gasoline +2.316mm (+1.6mm exp) Distillates -1.285mm (-100k exp) And it did... If you thought the API print was big, the official crude inventory build was even bigger-er... at 16.28mm barrels! Gasoline stocks also ... (full story)