Crude being crushed today!
2 responses | 0 likes
Started by metmike - Oct. 23, 2018, 11:53 a.m.

Dec Crude, the new front month is down $3


Previous discussion, started by bear:


oil seasonal pattern

https://www.marketforum.com/forum/topic/15407/

Comments
By Jim_M - Oct. 23, 2018, 9:44 p.m.
Like Reply

And API has almost 10 mbbls added this week?  That isn't going to help.  

By metmike - Oct. 23, 2018, 10:39 p.m.
Like Reply

Wow, that's a huge build! Thanks for pointing that out Jim.

Crude oil prices today - Oilprice.com  

  Oil Price Losses Mount After API Reports Huge Inventory Build

https://oilprice.com/Latest-Energy-News/World-News/Oil-Price-Losses-Mount-After-API-Reports-Huge-Inventory-Build.html

"The American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the week ending October 19, compared to analyst expectations that this week would see a hefty build in crude oil inventories of 3.694 million barrels.

Last week, the American Petroleum Institute (API) reported a surprise draw in crude oil inventories of 2.13 million barrels for the week. One day later, the Energy Information Administration reported a build instead, of 6.5 million barrels.

The API reported a draw in gasoline inventories as well for week ending October 19 in the amount of 2.8 million barrels. Analysts had predicted a draw of 1.878 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed a production decline for the week ending October 12, falling to 10.9 million bpd—300,000 bpd off last week’s record production of 11.2 million bpd.

Distillate inventories were down this week by 2.4 million barrels, compared to a larger expected draw of 1.927 million barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EDT."