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Crude Plunges On Biggest Weekly Inventory Build In 14 Years

So much for last night's lower than expected API build, DOE data shows a massive build compared to the 3.95 mm barrels expected:

  • *CRUDE OIL INVENTORIES ROSE 10.30 MLN BARRELS, EIA SAYS

This is the 8th build in a row and biggest weekly inventory rise in 14 years.

 

 

This is the fastest inventory build EVER...

 

and WTI has broken back below $50...

 

Unambiguously good still?

 

Charts: Bloomberg