WTI Nears $47 Handle After Inventory Build Doubles Expectations & Production Hits Record High

Wednesday, February 11, 2015
By Paul Martin

by Tyler Durden

With inventories expected to rise 2.33 million barrels, crude oil inventories surged by 4.87 million barrels for the 5th week in a row (despite some talking heads looking for a draw). There were significant builds across the board in all products. As far as rig counts dropping means production cuts – forget it – crude production rose 0.534% to a new record high and total inventories rose to a new record high. Furthermore, as the following chart shows, the total crude inventory is still massively excessive relative to historical norms for this (or any other) time of year.

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