Energy Prices Sink Further After Stockbuilds

ONG Focus - Insights Written by Oil N' Gold

The US Energy Department reported that crude oil inventory increased +2.09 mmb to 339.9 mmb in the week ended November 27. The build was contrary to market expectation of a -0.85 mmb decline and API's projection of +1.5 mmb increase. Cushing stocks soared for the 5th consecutive month, further widening spread between WTI and Brent crudes.Gasoline stockpile also surged +3.996 mmb to 214.1 mmb after a +1 mmb increase in the prior week. The only encouragement came from distillate stockpile which drew -1.1 mmb to 165.7 mmb.