Crude Crashes Most In 9 Months

WTI Crude is down over 5% to $46.50 – its biggest daily drop since early September 2015…

With East Coast gas inventories at a record high…

Sparking selling in crude..

Crude dropped with equities on a gloomy outlook for the global economy and amid signs that oil stockpiles remain ample.

Nigerian oil output rose last month following repairs to infrastructure that had been damaged by militant attacks, a Bloomberg survey showed, while gasoline supplies on the U.S. East Coast reached a record, the government said. Gasoline futures dropped to the lowest price in more than two months.

 

“The path of least resistance is lower,” said Michael Wittner, the New York-based head of oil-market research at Societe Generale SA. “The long-term picture remains bullish but in the short-term, crude is coming back from the disruptions. We have a lot of crude to work off as well.”

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