WTI Crude is down over 3.5%, dropping back towards $55 – dismissing yesterday's dead-cat-bounce deja vu – as EIA inventory builds more than expected at 7.27 million barrels (biggest build in 2 months to 6-month highs). This is the largest inventory for the time of year since records began. Of course, while energy stocks are fading broad equity indices do not care at all…
EIA Inventories rose most in over 2 months…
This is the highest inventory for December on record…
WTI Crude slipped once again back towards $55, remaining in the broad $54.50 to $59 range for now…
Energy stocks ripped yesterday… dropping now…
Because fun-durr-mentals…
Charts: Bloomberg
