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Crude Confused After API Reports Across-The-Board Inventory Builds
Tuesday, February 9, 2016 15:04
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WTI crude had tanked into the NYMEX close (by the most in 5 months) but managed to get back above $28 before fading into inventory data. Against expectations of a 3.6mm build, API reported a 2.4mm barrel crude build (the 5th weekly build in a row). Even more critically, API reported a 3.1mm Gasoline build (notably above the expected +400k build) and Cushing saw a 2nd weekly build of 715k. WTI ignored it initially but then decided to rally modestly before fading to unch.
Builds across the complex..
The reaction… lower…
Charts: Bloomberg
Source: http://silveristhenew.com/2016/02/09/crude-confused-after-api-reports-across-the-board-inventory-builds/
