WTI Tumbles To $52 Handle After Another Surprise Crude Build

Posted on June 11, 2019 3:36 pm
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URL https://www.zerohedge.com/news/2019-06-11/wti-tumbles-52-handle-after-another-surprise-crude-build 

Oil prices were practically unchanged on the day, unable to hold the $54 handle early on in the day as eyes once again focus on US crude inventories.

Additionally, BP said in its annual energy statistical review released Tuesday that the oil market’s “rollercoaster” would run for some time to come, with slowing economic expansion possibly impacting demand.

API

Crude +4.85mm (-1.0mm exp)

Cushing +2.4mm (+1.97mm exp)

Gasoline +830k (+700k exp)

Distillates-3.5mm (+1.1mm exp)

After last week’s surprise inventory builds across the board, expectations (or bullish hopes) were for a small draw but API

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