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Crude Dumped-And-Pumped After DOE Reports Huge Inventory Build & Lowest Production Since Nov 2014

Confirming API's reported data last night, DOE reported an even bigger 3.955 million barrel inventory build last week.

 

This is the 2nd biggest build since April and after rallying confidently all morning (on QE hopes and Middle East tensions), WTI Crude collapsed...

 

We also note that Total crude production also fell to its lowest since Nov 2014...

 

and that has sparked buying...

 

Charts: Bloomberg