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Crude futures fell sharply Wednesday on new data showing U.S. oil production climbed last week to the highest mark since February 2016, while crude stockpiles rose for the ninth straight week, undercutting OPEC output cuts.
The Energy Information Administration said domestic production rose 0.6% vs. the prior week to 9.088 million barrels per day.
Meanwhile, U.S. crude stockpiles surged by 8.2 million barrels to an all-time high, well above the 1.9 million-barrel rise analysts polled by Reuters expected. Late Tuesday, the American Petroleum Institute reported an increase of 11.6 million barrels.
But EIA said gasoline inventories declined by 6.6 million barrels, vs. an expected 1.4 million-barrel drop, and distillate supplies fell by 2.7 million barrels.
U.S. crude futures plunged 5.4% to $50.28 a barrel, their worst one-day decline in 13 months. Oil prices hit $50.05 intraday, the lowest of the year. A stronger U.S. dollar also is putting pressuring on dollar-denominated commodities.
And pumper. Reids Dome is still a very big ?
TEG Price at posting:
3.6¢ Sentiment: Hold Disclosure: Held
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