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Crude Plunges After Bigger-Than-Expected Inventory Build & Production Surge

In the face of a modest inventory drawdown (reported last night by API), DOE reports a major 3.073 million barrel inventory build (for the 2nd week in a row). As EIA reports, oil stocks remain at their highest in at least 80 years. Rubbing salt into the wounds, Crude production rose 0.84% WoW, the biggest surge in 5 months. WTI Crude's initial reaction is a significant sell-off...

Biggest 2-week build since May...

 

And production surged by the most in 4 months... (with a 0.7% rise in the Lower 48's production)

 

And so Crude gives back all its post-API gains...

Charts: Bloomberg