Oil Extends Losses After Big Distillates Inventory Build

After last week's surprise crude build (biggest in ~4 months) and builds across the entire complex, API reported a crude build of 942k barrels (just shy of expectations of +1.5mm) and while Cushing and Gasoline saw draws, Distillates saw a major 3mm barrel build (+275k exp). The initial reaction in crude was to extend the day's losses, back below $46.50...

API

• Crude +942k (+1.5mm exp)
• Cushing -620k
• Gasoline -1.6mm (-1.25mm exp)
• Distillates +3mm (+275k exp)

Another Crude build but the big news was a major Distillates build...

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And the reaction in crude after a down day was an initial kneejerk lower...

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Charts: Bloomberg