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EIA Inventory Announcement Scuppers Oil Rally Hopes

EIA Inventory Announcement Scuppers Oil Rally Hopes

Between European uncertainty and last night's massive API inventory build (14.3mm barrels), Brent and WTI crude was sliding into today's inventory data - well off the kneejerk highs at the US equity open (and back under $50). Market participants expected a US crude inventory build of around 3 million barrels but the number more than doubled that at 7.72 million barrels and production soared to new record highs.

• *CRUDE OIL INVENTORIES ROSE 7.72 MLN BARRELS, EIA SAYS
• *U.S. CRUDE OUTPUT ROSE 0.585% TO 9.280 MLN B/D, EIA SAYS

Idiot algos kneejerked higher (because 7.72 is lower than 14.3?) but that insanity is fading fast...

Algo?

This is the 6th week in a row of inventory build...

EIACrudeInventoryChange

Record high crude inventories Related: US Oil Production Could Provide A Few Surprises

EIACrudeInventories

For those banking on production slowing and inventories being drawn down at some point, we suggest you look away... Crude inventories in the last 6 weeks have risen at the fastest pace in 14 years and 2nd fastest pace in history...

CrudeOilInventories6wkROC

Production surged to record highs... Related: Why Oil Prices Must Go Up

CrudeProductionRigCount

It seems WTI is sitting at a crucial support level...

CLH15

This will do nothing to help the WTI-Brent spread which has soared to almost $10 (as the refinery strike and storage capacity limits in the US contest with Libya disruptions across the pond).

WTIBrentSpread

Charts: Bloomberg

By Zerohedge

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