Confirming API data overnight, DOE reports that while total inventories of crude rose less than expected (+234k vs +2.1mm exp.) Gasoline and Distillates saw a massive build once again. Gasoline invenrtories rose 8.44mm barrels (following last week's 10.6mm record build) is the biggest 2-week inventory build in history. Crude has crashed back from overenight "China is buying oil" demand hopes.
- *GASOLINE INVENTORIES ROSE 8.44 MLN BARRELS, EIA SAYS
- *DISTILLATE INVENTORIES ROSE 6.14 MLN BARRELS, EIA SAYS
- *CRUDE OIL INVENTORIES ROSE 234,000 BARRELS, EIA SAYS
This is the biggest 2-week gasoline inventory build in history
Worse still:
- *CUSHING CRUDE INVENTORIES REACH RECORD HIGH OF 64M BBL
And crude is reacting how it should...
And then there is this:
- *U.S. FUEL DEMAND FELL 2.15% IN PAST FOUR WEEKS, EIA SAYS
And Production rose 0.13% in The Lower 48!