Wednesday, November 2, 2016

"Oil futures drop after EIA reports a whopping 14.4 million-barrel climb in U.S. crude supply"--Corrected

Holy crap!
Even bigger than yesterday's American Petroleum Institute number: "Crude, Gasoline Tumble After Biggest Inventory Build In 8 Months"
And a draw in gasoline versus the API's build. (there's that 'opposite sign' thing we've been rattling on about)

Yours truly had a brain spasm when typing the above, both reports showed a draw in gasoline and varied in the magnitude, not the direction:
  • API: Gasoline -3.5mm (-1mm expected)
  • EIA: Gasoline  -2.2mm (-1mm expected)
Regret the error.

From MarketWatch:
Oil futures dropped Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 14.4 million barrels in the week ended Oct. 28. Analysts polled by S&P Global Platts expected a 1.9 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 9.3 million barrels, according to sources....MORE
December WTI is down another $1.40 at $45.27. Brent is down in sympathy at $46.62.