Gasoline Glut Sends Oil Prices Tumbling…(Where’s My .50 Gas!!??)

Friday, February 19, 2016
By Paul Martin

By Matt Smith
OilPrice.com
Fri, 19 February 2016

Five hundred and forty-three years after the birth of Copernicus, and all action in the crude complex is revolving around yesterday’s crude inventory report.

While Wednesday’s API report head-faked the market into thinking we could see a draw to crude stocks, the appearance of a 2.1 million barrel build sent crude prices charging lower. It was a 3 million barrel build in gasoline stocks, however, which really gave a bearish reverberation to the report.

Gasoline inventories are now up 37 million barrels, or 16 percent, so far this year to 258.7 million barrels. This is the highest level since weekly records began in 1990, and we have to go back to 1981 on a monthly basis to see the last time inventories breached 258 million.

The Rest…HERE

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