• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 18 hours One Last Warning For The U.S. Shale Patch
  • 5 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 3 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 14 hours Modular Nuclear Reactors
  • 22 hours Chile Tests Floating Solar Farm
  • 4 hours Poll: Will Renewables Save the World?
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days Trump sells out his base to please Wallstreet and Oil industry
  • 1 day China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days Trump Tariffs On China Working
  • 2 days Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day US-backed coup in Venezuela not so smooth
  • 1 day New Rebate For EVs in Canada
Alt Text

Oilfield Services Might Not Fully Recover Till 2025

The global oilfield service sector’s…

Alt Text

U.S. Oil Production Is Headed For A Quick Decline

Several forecasters continue to raise…

Alt Text

Big Pivot In Energy Is Gaining Momentum

The shift towards renewable energy…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Trending Discussions

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

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News