After a bloodbath in the energy markets (as economic jitters and surging supplies from the US to Russia dragged benchmark crude prices to their lowest levels in 15 months) traders held WTI around $46.50 ahead of the API inventories data. API Crude +3.45mm (-3.25mm exp) Cushing +1.063mm (+1.3mm exp) Gasoline +1.76mm Distillates -3.442mm After two weeks of draws, API reports a surprise crude build (expectations were for a 3.25mm draw), sending WTI Crude lower... WTI hovered around $46.50 ahead of the print and dropped modestly on the surprised crude build... “This is all about fears of a recession,” said Bill O’Grady, chief market strategist at Confluence Investment Management LLC in St. Louis. “It’s risk-off everywhere.”