Oil: "WTI/RBOB Plunge After Inventory Hits Record High, Production Surges"

WTI is bouncing off the day's lows having hit $47.01. $47.63 last.
Have I mentioned there seems to be a lot of the stuff slloshing around?

From ZeroHedge:

After a sizable build in crude and draw in gasoline overnight from API, WTI and RBOB are lower (legged down on Libya production news). DOE data confirmed the API data with a sizable crude build and gasoline and distillates extending their draw streak. US crude production rose once again - the highest in 13 months. 

API

• Crude +4.539mm (+3mm exp)
• Cushing +1.968mm
• Gasoline -4.934mm (-2.4mm exp)
• Distillates -883k

DOE

• Crude +4.945mm (+3mm exp)
• Cushing +1.42mm (+1.1mm exp)
• Gasoline -2.81mm (-2.4mm exp)
• Distillates -1.91mm (-1.5mm exp)

Crude inventory expectations had risen into the print and DOE data confirmed a notable build. Gasoline drew down but less than API and Cushing saw another notable build...

Cushing inventories are at their second highest level in history...

A new record high for US crude inventories... (note that Crude storage in ARA rises 7.3%, Genscape weekly data show, so European inventories are also soaring)

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