An ugly week or two for WTI/RBOB continued today ahead of tonight's inventory data and after API reported big builds in crude, gasoline, and distillates; both WTI and RBOB dropped further.

API

  • Crude +3.947mm (+3.05mm exp)

  • Cushing -2.319mm (-1.7mm exp)

  • Gasoline +4.634mm

  • Distillates +1.1mm

3rd weekly crude build in a row and big builds in products too...

 

Not been a pretty week or two for the record spec longs... and it just got a little worse...

 

Of course the big story on traders' minds is surging US production and sudden questions about potential global growth spooked by stocks...