Having rallied from last week’s unexpected Cushing draw (seemingly ignorant of the crude build), crude prices faded heading into tonight’s API data. With expectations of draws across the board, crude prices tumbled after API reported a surprise build (the 3rd week in a row) of 2.09mm (-1.5mm exp.) – the biggest build in 3 months. Cushing also saw a significant build (while product inventories dropped).
This post was published at Zero Hedge on Aug 9, 2016.
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