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WTI Tumbles To $43 Handle After API Confirms Huge Inventory Build

API reported a huge 6.3 million barrel inventory build (notably larger than expected) extending the series of build to seven weeks. Even more worrying was the massive 2.5 million barrel build at Cushing, even as gasoline inventories fell 3.2mm. WTI immediately dropped 35c, breaking back to a $43 handle after-hours.

 

A huge build...

 

But for Cushing it was massive...

 

The reaction was quick and on heavy volume...

 

Charts: bloomberg