WTI Extends Losses After Crude Inventories Hit Highest Since July 2017

Original post

Oil prices extended their losses overnight after API surprised with notable builds in crude and gasoline (and at Cushing) – sending WTI to a $51 handle – and not helped as US-China tensions show no sign of abatement.

“U.S. crude stocks have been rising almost uninterrupted since mid-March,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB.

API

Crude +4.85mm (-1.0mm exp)

Cushing +2.4mm (+1.97mm exp)

Gasoline +830k (+700k exp)

Distillates

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