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Crude Slides On Surprise Build As Oil Volatility Plunges To 8-Month Lows

Courtesy of ZeroHedge View original post here.

Oil prices jumped notably intraday (near three-month highs at $61 for WTI) as US manufacturing data printed better than expected, building on post-trade-deal optimism.

“The conditions for a rising oil price appear favorable at present,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt.

But that could all change after inventory data

API

  • Crude +4.7mm (-1.5mm exp)

  • Cushing -0.3mm

  • Gasoline +5.6mm

  • Distillates +3.7mm

Crude inventories rose unexpectedly in the prior week but were expected to draw again this week. However a 4.7mm build was a big surprise relative to the 1.5mm draw expected…

Source: Bloomberg

WTI hovered just below $61 ahead of the data, but dropped on the surprise build…

And all of this is occurring as Oil 'VIX' drops to its lowest in 8 months…

Source: Bloomberg

 


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