http://www.wsj.com/articles/oil-prices-tad-lower-as-markets-brace-for-ecb-decision-1421904042
Oil Prices Slide as Supplies Grow
U.S. Energy Information Administration Report Shows Domestic Supplies Rose Sharply
By Nicole Friedman
Updated Jan. 22, 2015 3:16 p.m. ET
Oil prices slid Thursday, nearing recent lows, as U.S. crude-oil supplies hit their highest January level in more than 80 years.
U.S. crude inventories rose by 10.1 million barrels in the week ended Jan. 16, the U.S. Energy Information Administration said Thursday, more than the 2.7-million-barrel build that analysts surveyed by The Wall Street Journal had expected.
“The build was huge,” said Carl Larry, analyst at Oil
Crude supplies now total 397.9 million barrels, the highest January level on record in weekly EIA data going back to August 1982. In monthly data, stockpiles haven’t exceeded that level in any January since 1931, according to the EIA.
U.S. crude oil for March delivery fell $1.47, or 3.1%, to $46.31 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 51 cents, or 1%, to $48.52 a barrel on ICE Futures Europe. Both contracts settled above the near-six-year settlement lows they reached last week.
Where do we get real-time demand data?Rigs are falling off a cliff (probably only 1/3 of the way through the decline though) so new production will grind to a halt but existing production is still growing.