Tortoise’s Rob Thummel quoted in Bloomberg

Oil Slumps as Rising Storage Offers No Relief Amid Market Panic

  • U.S. crude inventories grew for second week, EIA says
  • WTI futures slip more than 5%, joining equities slide

Oil tumbled the most in a week as global financial markets swooned and swelling U.S. crude stockpiles reinforced fears about an economic slowdown.

Futures slipped more than 5% in New York, joining a slide in equities. American crude inventories registered a surprise increase for the second straight week, U.S. data showed Wednesday, although gasoline demand was also healthy. Investors were already fleeing commodities and other higher-risk assets as sagging Treasury yields sounded alarm bells for a recession.

Read more here: https://www.bloomberg.com/news/articles/2019-08-13/oil-rally-loses-steam-after-report-u-s-stockpiles-rise-further

© Zito Partners 2011-2019. All rights reserved.