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WTI Holds Near 18 Year Lows After Inventory Build, Record Production

WTI Holds Near 18 Year Lows After Inventory Build, Record Production

With Russia-Saudi (supply) standoff continuing and the global demand suck as nation by nation locks down from Covid-19, oil prices collapsed to their lowest since 2002 (with WTI trading with a $24 handle)…

API

  • Crude -421k (+3.1mm exp)

  • Cushing +66k

  • Gasoline -7.8mm (-2.4mm exp)

  • Distillates -3.6mm (-2.3mm exp)

DOE

  • Crude +1.954mm (+3.1mm exp)

  • Cushing +563k

  • Gasoline -6.18mm (-2.4mm exp)

  • Distillates -2.94mm (-2.3mm exp)

As opposed to API’s surprise draw, DOE data confirmed analysts’ expectations for an 8th weekly build in a row (while products once again saw major draws)…

Source: Bloomberg

US Crude Production picked back up to a record high…

Source: Bloomberg

WTI was trading around $25.50 ahead of the DOE data and extended losses after the crude build…

Finally, Bloomberg shows what has happened during the last 3 oil price wars…

Source: Bloomberg

In other words, the rout could have a while yet to run, if past price wars are anything to go by.


Tyler Durden

Wed, 03/18/2020 – 10:36


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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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