Crude Futures Tumble after Large Inventories and Low DGO

Crude futures have crashed through all of our previous uptrend lines and the psychological $65/bbl level. Both of the data points we highlighted yesterday came in worse than expected, sending crude futures sharply lower. Weekly inventories not only continued their uptrend, but bolted to a surplus of 5.1 mill. vs. a shortage of -1.8 mill. last week.