Following yesterdsy’s API data, DOE has confirmed a 2.5 million barrel build in crude inventory – the highest stocks of crude at this time of year in at least 80 years. This was accompanied by a very small drop in production and has squeezed WTI back below $50 (although there was an algo flash-smash up to $50.50 right after the data).
- US EIA: REPEATS CRUDE STOCKS HIGHEST IN AT LEAST 80 YRS, RTRS