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WTI Spikes Above $55 After Crude Inventories Rise At Slowest Pace In 14 Weeks

For the 14th week in a row, US crude inventories rose; but against expectations of a 3.5mm build (and weak API overnight), DOE printed a mere 1.294mm bbl build - the lowest since the build streak began on the first week of January. Crude prices are spiking on the news (though we note last week saw the biggest build in 30 years with the 2 week average above trend). Total crude inventrory continues to make new record highs (and pressure Cushing capacity).

 

Lowest build since the 14 week streak began...

 

But total inventory remains at record highs...

 

Bear in mind that averaged across 2 weeks, the pace of build remains very stable...

 

and the reaction...

 

Charts: Bloomberg