Crude oil prices fell again today, with WTI settling below $20\/bbl, falling to 18 year lows on a historic and much larger than anticipated build in crude inventories. Crude stocks grew by 19.2MM\/bbls, compared with what the API estimated would be a build of 13MM\/bbls. Analysts had expected something even more moderate, at a build of 11.6MM\/bbls. Gasoline inventories grew by 4.9MM\/bbls (vs. +6.4MM\/bbls expected) and distillate inventories grew by 6.3MM\/bbls (vs. +1.4MM\/bbls expected).The International Energy Agency forecasted a 29MM\/bpd drop in April crude demand (levels not seen in 25 years) estimating a 9MM\/bpd drop in demand for the full year. If this proves to be correct, that would wipe out the last 10 years of consumption growth. They have said this may be looked back on as the worst year in history for the oil markets with this month becoming known as \u201cBlack April\u201d. In another sign of economic trouble ahead, big banks are setting aside billions of dollars for what they are expecting will be a \u201cwave of defaults\u201d. WTI traded down $0.24 or -1.19% to close at $19.87. Brent traded down $1.91 or -6.45% to close at $27.69. back on as the worst year in history for the oil markets wit<\/p>\n\n\n\n
Crude oil prices fell again today, with WTI settling below $20\/bbl, falling to 18 year lows on a historic and much larger than anticipated build in crude inventories. Crude stocks grew by 19.2MM\/bbls, compared with what the API estimated would be a build of 13MM\/bbls. Analysts had expected something even more moderate, at a build […]<\/p>\n","protected":false},"author":2,"featured_media":661,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n