Oil Slides After API Reports Another Large Crude, Gasoline Inventory Build

Submitted by Tyler Durden on 01/20/2016 16:36 -0500

• Crude
 
• Distillates
 
• recovery

inShare1

 

With December's seasonal shenanigans out of the way, and following 2 record-breaking weekly builds in gasoline stocks, with expectations of a 2.3mm barrel build API reported a large 4.6mm inventory build (double expectations) . Cushing inventories built 63k, rising for the 12th week in a row. Gasoline stocks rose once again (+4.7mm) and Distillates also (+1.5mm).

December is over...

Following crude's v-shaped recovery today, API's huge build sent WTI back lower...

Charts: Bloomberg

Average: