Confirming last night’s API report, DOE reports that total crude inventories rose for the 10th week in a row (up by 1.177mm barrels). This is a huge surprise relative to the 800k draw that analysts expected as total product demand dropped 1.6% relative to last year. Which all makes panicked cash-flow sense as production rose by 37k bpd.

10th weekly build in a row…

 

Production rises to highest since Aug 28th…

 

Which is happening as demand tumbles…

  • GASOLINE DEMAND -0.6% VS SAME 4 WKS LAST YR; 
  • TOTAL PRODUCT DEMAND -1.6% VS SAME 4 WKS LAST YR

    • And the reaction…

     

    Charts: Bloomberg

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