Reuters is reporting:
Oil futures fell sharply on Wednesday after government data showed the
largest weekly increase in U.S. crude inventories since 2001 and a day
after Saudi Arabia reported record production in March. [Russia also reported record production.]
U.S. crude oil inventories surged 10.95 million barrels to a record
482.39 million in the week to April 3, the Energy Information
Administration (EIA) said in its weekly report.
A Reuters survey of analysts had yielded a forecast for a build of 3.4 million barrels.
With US, Russia, and Saudi Arabia all reporting record production, one has to ask the question: where is it all going? Storage? Actually, the better question: when is the Red Queen going to fall off the treadmill? Whatever happened to Peak Oil?
