Oil Extends Losses After Big Distillates Inventory Build

After last week’s surprise crude build (biggest in ~4 months) and builds across the entire complex, API reported a crude build of 942k barrels (just shy of expectations of +1.5mm) and while Cushing and Gasoline saw draws, Distillates saw a major 3mm barrel build (+275k exp). The initial reaction in crude was to extend the day’s losses, back below $46.50…

API

Crude +942k (+1.5mm exp)

Cushing -620k

Gasoline -1.6mm (-1.25mm exp)

Distillates +3mm (+275k exp)

Another Crude build but the big news was a major Distillates build…