EIA Reports Shock Inventory Increase Despite Strong Refining

The U.S. Energy Department’s inventory release showed that crude stockpiles recorded a shock weekly build despite strong refinery utilization. On a further bearish note, distillate inventories jumped, while domestic oil production continues to be robust.

As a result, the front month West Texas Intermediate (WTI) crude futures moved down 3% (or $2.03) to end at $65.01 per barrel yesterday – the lowest settlement since Jun 6.

The federal data sparked widespread selling in energy stocks, which pushed the Energy Select Sector SPDR – an assortment of the largest U.S. energy companies – down more than 3.5% Wednesday…

 

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