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Crude Prices Pump'n'Dump After 6th Consecutive Inventory Build & Surge In Production

Crude oil algos traders are buying WTI despite DOE reporting the 6th consecutive weekly inventory build in US crude stocks (confirming API's build at 2.8mm barrels). Furthermore, for the 3rd week in a row, US crude production rose (back to one-month highs)... and then the humans appeared to read the DOE report and the selling began.

 

Another weekly build in US crude inventories...

 

And for the 3rd week in a row production rose...

 

And crude rallies...

 

And then the humans read the report...

 

Charts: Bloomberg