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

Wednesday, February 11, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/11/2015

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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