WTI Tumbles After Surprisingly Large Crude Build

WTI ended the day unchanged - despite some intraday vol overnight - as traders are waiting for the next catalyst from U.S.-China trade talks or shifts in the Venezuelan regime.

“There’s a lot of forces sort of canceling each other out here,” said Finlon. “We’re just in a holding pattern.”

Some hoped that tonight's inventory data would trigger some sustained move.

API

  • Crude +7.29mm (+1.45mm exp)
  • Cushing +1.1mm (+1.63mm exp)
  • Gasoline -391k
  • Distillates -3.1mm

After last week's surprise plunge in crude inventories, traders expected a modest build this week, but API reported a huge 7.29mm build (+1.45mm exp)...

(Click on image to enlarge)

Having chopped lower and higher during the early day session, WTI settled in around $56.50 ahead of the API print and tumbled on the unexpectedly large build...

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