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Crude Pops On "No Nuke Deal", Then Surges On Bigger Than Expected Inventory Build

Shortly after the US equity mnarkets closed, headlines crossed from Switzerland seemingly confirming "no deal" with Iran...P5+1 MINISTERS PLAN TO LEAVE LAUSANNE IN MORNING but that was quickly watered down with a warning that Iran has until dawn to agree to the deal. This sent WTI up modestly and then API Crude inventories, which were expected to rise 4.2mm barrels, printed 5.2mm barrels - the 12th weekly rise in a row. Crude was slow to react but after a brief fade, shot higher...

 

As Bloomberg reports, World Powers Tell Iran They Want Deal by Dawn, Diplomat Says

Six world powers have told Iran that they won’t extend talks over the country’s nuclear program into April 2, a diplomat from one the six said.

 

The foreign ministers of the P5+1 plan to leave the Swiss city in the morning regardless of the talks’ outcome, the diplomat said

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And then inventories printed at a greater than expected 5.2mm barrels...

  • *API SAID TO REPORT CRUDE SUPPLIES ROSE 5.2M BBL LAST WEEK
  • *API SAID TO REPORT CUSHING STOCKPILES ROSE 2.6M BBL

The reaction so far...

 

Just as a reminder, this is the same idiocy we saw last week... a ramp on a huge build... but whatever...

 

 

Charts: Bloomberg