"Holy, Ricochet, Batman, Another Huge Build" -- March 6, 2018

Updates

Later, 8:24 p.m. Central Time: this is pretty cool. I noted the API inventories soon after the data was released earlier today. Now, several hours later, the story from Bloomberg -- "oil dips as data shows biggest US crude build since January, 2018." [Since January? LOL. This is only early March. Whatever.]

Crude slipped after industry data showed U.S. crude stockpiles rose by more than expected last week.

Futures in New York fell from the settlement Tuesday after the American Petroleum Institute was said to have reported crude inventories mounted higher by 5.66 million barrels last week. That would be the largest build since January if Energy Information Administration data confirms it on Wednesday in its release.

A Bloomberg survey showed crude storage in tanks and terminals across the country likely rose 3 million barrels last week.

 Original Post

API crude oil inventories:

• previously: a build of slightly less than one million bbls
• forecast for today's report: a build of 2.7 million bbls
• actual API estimate: a build of almost 6 million bbls -- 5.661 million bbls

I use EIA data to calculate re-balancing. That data will be released tomorrow at 10:30 am. Eastern Time.

WTI after the report: down about 25 cents, now at $62.33, which is fine.

And, yes, Robin really did utter "Holy, ricochet" in season 1 of the Batman television series.