American Petroleum Institute

Submitted by Irinia Slav via OilPrice.com,

The oil ministers of Iran and Qatar have suggested that OPEC’s production cut agreement may have to be extended beyond the June deadline, despite an almost 100-percent compliance rate.

The comments come a day after the American Petroleum Institute reported the second-largest crude oil inventory increase in history, at 14.227 million barrels, which added fuel to worries that production cut efforts are not enough to rebalance the market.

With just two days left in 2015, the main driver of overnight global stocks and US equity futures remains the most familiar one of all of 2015 - crude oil, which, after its latest torrid bounce yesterday has resumed the familiar "yoyo" mode, and again stumbled dropping below $37 on yesterday's surprising API 2.9 million crude inventory build, as well several more long-term "forecasts" by OPEC members, with Kuwait now budgeting for $30 oil, while Venezuela's Maduro said the oil price fell to $28/bbl and is "headed downward."

With memories of last week's high-volume, post-Fed, quad-witching selloff fading fast, overnight the Santa rally defined as no volume, no breadth levitation, has continued for a third day and moments ago European stocks rose to their best level of the day, with the Stoxx Europe 600 Index headed for its biggest advance in a week, while US equity futures ramped on the European open as they traditionally do, and then again hit session highs minutes ago, as holiday volumes are in meltdown mode, and oddlots can move the E-mini by 1 point.