This week's release of energy inventories from the Department of Energy (DoE) showed that crude oil inventories rose by significantly more than expected. While traders were looking for inventories to increase by 1.55 million barrels, the actual build in stockpiles was more than four times that at 6.807 million barrels. This was the largest weekly increase in inventories since 9/14/12. With this week's increase, current inventory levels are near their highest levels of the year relative to average.
Gasoline inventories also increased slightly this week (+0.149K barrels), even as traders were expecting stockpiles to decline by 1.05 million barrels. As shown in the chart, even though gasoline stockpiles are well above average, they have been following the typical seasonal pattern for much of the year.
This article was originally published by Bespoke Investment Group.
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