Crude Slammed After Inventory Builds Across Entire Oil/Product Complex
by Tyler Durden
ZeroHedge.com
Aug 24, 2016
Following API’s reported biggest crude build in 4 months overnight, which weighed on oil prices, DOE exasperated the pain by signaling builds across the entire complex. Crude’s build of 2.5m barrels (biggest in 3 months) was less than API but more than the expectd 850k draw but Cushing saw a big build and gasoline and distillates both saw builds despite expectations of big draws. As a reminder, US Crude production surged by the most since May 2015 the prior week but fell modestly in the last week. Crude tumbled back to $47 on the print.
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