– EIA Crude Inventories & Production Surge To Record Highs (ZeroHedge, Feb 19, 2015):
Between European uncertainty and last night’s massive API inventory build (14.3mm barrels), Brent and WTI crude was sliding into today’s inventory data – well off the kneejerk highs at the US equity open (and back under $50). Market participants expected a US crude inventory build of around 3 million barrels but the number more than doubled that at 7.72 million barrels and production soared to new record highs. Idiot algos kneejerked higher (because 7.72 is lower than 14.3?) but that insanity is fading fast…
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