Tyler Durden: Following last night’s surprising 2.3mm barrel inventory build, reported by API, DOE reports a massive 4.8mm build against expectations of a 1.5mm barrel draw and way above the highest estimate of a 2.6mm draw.
This is the biggest build in 2 months at a seasonally ‘weak’ time of year (and biggest December build since 1993).
Crude ramped overnight to regain the losses from the API dump, but dropped back to lows (under $37) before the DOE data, then crashed below $36.
Furthermore, production was up in the lower 48.
Biggest build in 2 months.
This is the biggest Mid-December build since 1993.
And production rose.
Crude prices collapsed lower.
This article is brought to you courtesy of Tyler Durden From Zero Hedge.