There is just so much of the stuff, in its various states of refinement, around.
And once again the reported API figure for crude had the opposite sign from the EIA number. I mean it's one thing to be at variance but when the signs are not even pointing in the same direction (draw or build) you understand why we've stopped reporting the Tuesday evening API number....Here's the headline story from Economic Calendar:
The latest Energy Information Administration (EIA) data recorded a build in inventories of 1.57 million barrels for the week ending March 31st following a build of 0.87 million the previous week.Consensus forecasts were for a draw of around 0.2 million barrels and markets were expecting a larger draw following the overnight API data which recorded a draw of 1.8 million.Crude inventories increased to a fresh record high of 535.5 million barrels and are 7.4% above year-ago levels with a draw reported only once during the past 3 months.According to the data, Cushing inventories recorded a build of 1.41 million barrels following a draw of 0.22 million barrels last week....MORE
And here's the market reaction:
$50.92 down 11 cents after approaching $52.