A lot of folks want to hear soothing words out of OPEC but man there's a lot of oil and product around.
From ZeroHedge:
Following API's reported biggest crude build in 4 months overnight, which weighed on oil prices, DOE exasperated the pain by signaling builds across the entire complex. Crude's build of 2.5m barrels (biggest in 3 months) was less than API but more than the expected 850k draw but Cushing saw a big build and gasoline and distillates both saw builds despite expectations of big draws. As a reminder, US Crude production surged by the most since May 2015 the prior week but fell modestly in the last week. Crude tumbled back to $47 on the print.
API
DOE
- Crude +4.464mm (-850k exp)
- Cushing +417k (+200k exp)
- Gasoline -2.2mm (-1.7mm exp)
- Distillates -834k
DOE reports biggest build in 3 months and builds cross the entire complex... This is the first time since Feb 2016 that all 4 major segments have seen a build in the same week....
- Crude +2.5mm (-850k exp)
- Cushing +375k (+200k exp)
- Gasoline +36k (-1.7mm exp)
- Distillates +122k
...Production surged most since May 2015 the prior week but fell this week.
...MORE
Here's the 5-minute chart from FinViz:
