WTI Extends Losses After Huge Surprise Inventory Build

wti extends losses after huge surprise inventory build

Having posted its biggest monthly loss since 2016, amid over-supply fears, all eyes are back on API tonight with bulls hoping that last week’s across the board inventory draws continue… but it reported a shocking 5.59mm inventory build and WTI dropped.

API

Just like we saw two weeks ago, a shockingly large crude inventory build reported by API…

WTI Extends Losses After Huge Surprise Inventory Build

WTI was hovering around $68.75 into the API print and kneejerked lower…

WTI Extends Losses After Huge Surprise Inventory Build

“It’s some of these concerns about oversupply with OPEC. There are also starting to be concerns about the slowdown or the plateauing in demand,” said Ashley Petersen, lead oil analyst at Stratas Advisors in New York.

Still, the low volume is indicative of “the summer doldrums. The prices are down, but the activity actually hasn’t been that high.”
Read on ZH

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com