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Crude Tumbles As API Reports Another Huge Inventory Build

For the 4th week in a row, US Crude inventories rose according to API. With a larger than expected 7.1 million barrel build (3.5mm exp.), which follows DOE's reported 7.56 mm build last week, it is clear that stocks are piling up considerably faster than expected. The reaction was an immediate algo slam to the lows of the day...

 

4th weekly inventory build in a row...

 

The reaction was weakness, slamming WTI to the day's lows..

 

 

Charts: bloomberg