FYI: After eight straight weeks of higher than expected builds in crude oil inventories, today’s weekly inventory report from the Department of Energy (DoE) showed a weaker than expected (just barely) increase. While traders were expecting crude oil stockpiles to increase by 4.595 million barrels, the actual increase was 4.512 million barrels. With this week’s increase, crude oil inventories have now risen by 66.5 million barrels in the last nine weeks. This is the largest nine week increase on record, dwarfing the prior record of 41.4 million back in 2001.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/crude-oil-inventories-rise-to-a-less-than-expected-record-high/
Comments
The s*** really hit the fan today. Alan ("No Bubble") Greenspan appeared on camera to say prices have a lot further to fall. And Bloomberg aired reports the country is rapidly running out of room to store the stuff. Prices fell around 4% - big for one day.
Great illustration in this piece from Bloomberg.
http://www.bloomberg.com/news/articles/2015-03-12/oil-storage-squeeze-may-lead-to-another-price-crash