- Crude oil prices tumbled to their biggest loss in two months after the EIA reported the largest weekly increase in domestic crude supplies since 2001, rising by 10.9M barrels in the week ended Friday.
- Nymex crude settled $3.56 lower, or 6.6%, to close at $50.42/bbl after gaining ~10% over the previous two days to end Tuesday at its highest level of the year.
- Adding to the bearish outlook for oil prices, the Saudi oil minister said yesterday that Saudi output would remain near 10M bbl/day after posting a record high of 10.3M bbl/day in March.
- Stored supplies at the Cushing, Okla., hub rose above 60M barrels for the first time on record; however, demand is expected to rise in the coming months as drivers make more warm weather trips, and refineries typically buy more crude in the late spring to turn into gasoline and other fuels.
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