WTI Slumps Under $37 After API Reports Unexpected, Large Inventory Build

Writer at ZeroHedge • Dec 15, 2015 at 5:33 PM EST

Following last week's huge draw, total crude inventories were expected to drop 1 million barrels this week driven by expectations that refinery utilization rose last week.

Following last week's huge draw, total crude inventories were expected to drop 1 million barrels this week driven by expectations that refinery utilization rose last week. When API reported a hugely surprising 2.3 million barrel build, crude prices, which had drifted off highs after NYMEX close, dropped further as disappointment set in, back under $37.

A majorly unexpected build...

And crude prices slumped back under $27...

Charts: Bloomberg

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