This is nuts, from ZeroHedge:
Following last week's inventory draws across the entire energy complex, API was expected to report a seasonally 'normal' 1.54mm barrel build but instead printed a massive 9.3mm build - the biggest since March. Distillates saw a 6th straight week of draws but Cushing saw the biggest build in 3 months. Gasoline saw the biggest draw in 2 months (-3.5mm) but RBOB prices are sinking along with WTI.
As a reminder, crude stockpiles are still 29% above seasonal norms and perhaps today's surprise build reminded a few of the seasonal tendencies from here....MORE
- Crude +9.3mm (+1.54mm avg. exp)
- Cushing +1mm (-250k exp)
- Gasoline -3.5mm (-1mm exp)
- Distillates -3.1mm
Here's the crash:
WTI $46.33 down another 53 cents after the drop during the daytime session.