WTI/RBOB Drop After Bigger Than Expected Crude Build

An ugly week or two for WTI/RBOB continued today ahead of tonight's inventory data and after API reported big builds in crude, gasoline, and distillates; both WTI and RBOB dropped further.

API

• Crude +3.947mm (+3.05mm exp)

• Cushing -2.319mm (-1.7mm exp)

• Gasoline +4.634mm

• Distillates +1.1mm

3rd weekly crude build in a row and big builds in products too...

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Not been a pretty week or two for the record spec longs... and it just got a little worse...

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Of course the big story on traders' minds is surging US production and sudden questions about potential global growth spooked by stocks...

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