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WTI Extends Losses After Massive Product Inventory Build, New Record Production

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WTI Extends Losses After Massive Product Inventory Build, New Record Production

Oil prices are extending losses after last night’s surprise crude build reported by API, with WTI trading below $58 following OPEC’s latest forecasts suggesting a weaker outlook for global oil markets this year as surging supplies from competitors from Norway to Guyana threaten the group’s efforts to defend crude prices.

API

  • Crude +1.1mm (-1.1mm exp)

  • Cushing -69k (-1.0mm exp)

  • Gasoline +3.2mm  (+3.4mm exp)

  • Distillates +6.78mm (+1.1mm exp)

DOE

  • Crude -2.55mm (-1.1mm exp)

  • Cushing +342k (-1.0mm exp)

  • Gasoline +6.678mm (+3.4mm exp)

  • Distillates +8.171mm (+1.1mm exp)

The prior week was dominated by a surprise crude build and huge product inventory builds. This week saw crude inventories drop modestly (-2.55mm) but gasoline and distillates inventories soar (and the first Cushing build in 9 weeks)

Source: Bloomberg

US Crude production pushed higher, hitting 13mm b/d for the first time…

Source: Bloomberg

WTI traded sub-$58 ahead of the API print, and dropped notably after the huge buiulds in products

WTI trading $57.50 is the lowest in 5 weeks…

 


Tyler Durden

Wed, 01/15/2020 – 10:35


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Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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