"Inventories of U.S. commercial crude rose more than expected last week, pushing stockpiles to the highest ever on record."
"Stocks of U.S. oil increased by 8.9 million barrels"
"Analysts in a Reuters poll projected WTI inventories would rise by 3.8 million barrels in the week ending Jan. 23."
'Analysts' were only off by 125%. A dart-throwing chimp would make a better oil analyst.
BI: Jan. 28, 2015
"Bespoke Investment Group noted that this is the biggest three-week rise in crude inventories since 1989"
MW: Jan. 12, 2015
"Goldman Sachs found in its Top 400 analysis of the world’s largest new oil-and-gas fields, that pre-sanctioned projects will be “uneconomic” at $70 a barrel. Such developments, are those where a final investment decision hasn't been taken yet, represent some 20 million barrels of oil a day."
"This also includes shale developments, where investments for $930 billion are in jeopardy"
This is Brent as of yesterday's close: West Texas Intermediate is at $45:
