Oil Crashes After API Reports Massive Crude Build
After last week's roller-coaster ride (API "draw" vs DOE "build"), tonight's API data (following Al-Naimi's reality check this morning) was much heralded. After DOE reported builds across the entire complex last week, and expectations of a 3mm barrel build, API reported a massive 7.1mm build and a bigger than expected 307k build at Cushing. Gasoline inventories also rose more than expected (for the 15th week in a row).
- Crude +7.1mm (3mm exp)
- Cushing +307k (300k exp)
- Gasoline +569k (-1mm exp)
- Distillates -267k (-700k exp)
While this may have been catch up from last week's data, this is still a major build from API...
WTI plunged at the NYMEX close and was limping lower into the API print and then collapsed at the massive build hit...
Some context for the April contract drop...
Which is pressuring the front-month roll...
Charts: Bloomberg
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