WTI just resumed trading on Globex, $31.38 last.
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).
While this may have been catch up from last week's data, this is still a major build from API...MORE
- Crude +7.1mm (3mm exp)
- Cushing +307k (300k exp)
- Gasoline +569k (-1mm exp)
- Distillates -267k (-700k exp)