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WTI Tumbles On Crude's Biggest 2-Week Inventory Build In 5 Months Despite Production Tumble

Following last night's 2.1mm barrel build forecast from API, DOE reported a bigger than expectd 2.6mm barrel inventory build. This is the largest 2-week build in crude stocks since April and has sent crude prices tumbling. On the other side, US production levels continue to drop (-0.9% this week) to its lowest level since January 2nd 2015.

Buiggest 2-week inventory build in 5 months...

 

 

Sparking a reversal in this morning's momo rally...

 

Which of course drags US equities lower...

 

Even as production levels tumble... (a 2.3% drop in production from The Lower 48!)

 

Charts: Bloomberg