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Crude Turmoils After DOE Confirms Surprise Inventory Build & Production Increase

With the crude market on tenterhooks since API reported a huge surge in inventories (especially at Cushing), DOE reported a considerable 4.2mm barrel build (less than API's 6.3mm) but way above analyst expectations of a modest draw (7th week in a row). Cushing saw a very significant 2.24mm barrel build (API 2.5mm). Crude Production also rose near 3mo highs, putting firther pressure on crude prices which are whipsawing wildly on this data...


Inventories rose for the 7th week in a row


Production rose for the 3rd week in a row to 2mo highs..


The reaction in crude is turmoil...


But the trend is clear..



Charts: Bloomberg