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.
Crude +3.947mm (+3.05mm exp)
Cushing -2.319mm (-1.7mm exp)
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…