WTI Crude Slides To $48 Handle On Bigger Than Expected API Inventory Build

When last week’s API inventory hit, WTI crude tumbled $2 (only to rip higher the next day on a massive EIA build – yeah). Today, API reported an 8.9 million barrel build, greater than expected again and that pushed WTI Crude back to a $48 handle testing the day’s lows…

And bounced back to unch from pre-API – for now WTI is stable back at $49…

Will anyone be surprised if we rally off this? Nope – not given last week’s idiocy!