Huge, unexpected build in crude also reported by EIAAfter yesterday's API report of huge crude builds, EIA just reported huge builds as confirmation. Both expected draws. It appears obvious the hopes of crude draws to offset recent unprecedented storage increases have been crushed.
Global storage is essentially filled. Demand is still soft and supply still needs additional cuts. The energy sector is still in the early stages of pain. Invest accordingly. JMHO. GLTA.