Oil Price Tumbles After Biggest Inventory Build In 10 Weeks

from Zero Hedge

Against expectations of a 3mm draw for Crude (and 900k draw for Cushing), API followed last week’s surprisingly large draw (later dismissed by DOE) with an even more surprising build (2.2mm) this week – the biggest build in 10 weeks. Cushing saw a smaller than expected draw but Gasoline and Distillates saw major builds. Crude had rallied aggressively all day into the print (though remained below API’s print level last week) and immediately started to give it back when the data hit.

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