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Crude Tumbles Below $50 After Biggest Cushing Build Since 2008
12-07-2016, 12:17 PM,
#1
Crude Tumbles Below $50 After Biggest Cushing Build Since 2008
Crude Tumbles Below $50 After Biggest Cushing Build Since 2008

<p>Crude prices are lower this morning following <a href="http://www.zerohedge.com/news/2016-12-06/wti-pops-despite-biggest-cushing-inventory-build-2008">API's huge reported build at Cushing (biggest since 2008) </a>and fears over OPEC deal realities. With expectations for a crude draw (on lower imports), DOE confirmed a bigger than expected overall draw but also <strong>Cushing saw a 3.78mm barrel build - the biggest since 2008</strong>. Both Distillates and Gasoline also saw bigger than expected builds as US <strong>production dropped very modestly</strong>.</p>
<p>&nbsp;</p>
<p><span style="text-decoration: underline;"><strong>API</strong></span></p>
<ul>
<li>Crude -2.21mm (-1.37mm exp)</li>
<li><strong>Cushing +4.01mm (+2.87mm exp) - biggest since 2008</strong></li>
<li>Gasoline +828k (+1.59mm exp)</li>
<li><strong>Distillates +4.08mm (+1.24mm exp)</strong></li>
</ul>
<p><span style="text-decoration: underline;"><strong>DOE</strong></span></p>
<ul>
<li>Crude -2.389mm (-1.37mm exp)</li>
<li>Cushing +3.783mm (+2.87mm exp)</li>
<li>Gasoline +3.425mm (+1.59mm exp)</li>
<li>Distillates +2.501mm (+1.24mm exp)</li>
</ul>
<p>Biggest Cushing build since Dec 2008 offsets the bigger than expected draw in crude overall...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE2_0.jpg" style="width: 600px; height: 314px;" /></a></p>
<p>&nbsp;</p>
<p>As the US rig count continues to rise so the trend of US crude production has turned, but it dropped very modestly over the last week...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE4_0.jpg" style="width: 600px; height: 317px;" /></a></p>
<p>&nbsp;</p>
<p>And the reaction in crude (after overnight weakness but energy stock strength)</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE3_0.jpg" style="width: 600px; height: 364px;" /></a></p>
<p>&nbsp;</p>
<p>Notably the surge in Cushing inventories has put more pressure on the front-month spread...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/12/02/20161207_DOE1_0.jpg" style="width: 600px; height: 315px;" /></a></p>


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