WTI prices have made a new low for the overall sell-off that started late last year. It is really the same old story of robust output and supply and shaky demand. For some time, we had forecast that this would be the time period in which prices would bottom. And we continue to see that bottom in the mid to low $30s. There was another large inventory build reported by the API last night of over 10 million barrels of crude oil. We were looking for a more modest 4.4 million barrel jump and consensus was around 3 million barrels.
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