FYI: Crude oil inventories increased less than expected last week (2.061 mln vs. 3.650 mln barrels), ending what seems like a litany of larger than expected increases. In spite of the smaller than expected increase in stockpiles, crude oil inventories keep piling up. Over the last four weeks, we have seen a total increase in inventories of 23.11 mln barrels. That is the fifth largest four-week increase since 1983, and the largest four-week increase since February 2009. As shown in the chart below, it is typical for inventories to increase at this time of year, but the magnitude of the increase this year has been larger than average. As a result of the uptick, crude oil inventories are back near their highest levels of the year relative to average.
Regards,
Ted
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