Oil Crashes To $41 Handle After Surprise Inventory Build, Production Rise

by Tyler Durden
ZeroHedge.com
Jul 27, 2016

Despite last night’s API-reported surge in Cushing inventories, oil futures surged into this morning’s DOE data on the heels of terrible durable goods data. However, a shocking build in overall crude levels (+1.67mm vs -2mm) breaking crude’s record 9-week streak of draws, sent crude prices reeling to a $41 handle (the lowest since April’s Doha production free talks failed). Cushing also saw a major build as did Gasoline and production rose for the 3rd week in a row.

The Rest…HERE

This entry was posted on Wednesday, July 27th, 2016 at 11:18 am and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.