FYI: Crude oil inventories for the latest week continued to swell, and for the fourth straight week came in well ahead of consensus forecasts. While traders were expecting crude oil stockpiles to increase by 3.25 million barrels, the actual build was nearly twice that at 6.333 million barrels. The chart below compares current inventory levels to average levels for the last ten years as well as going back to 1983. Anecdotally, the recent ballooning of crude oil inventories has caused us to have to increase the upper range of our y-axis for three straight weeks now! As the lower chart illustrates, crude oil inventories are currently 88 million barrels above average for this time of year, which works out to about 27% in percentage terms.
Regards,
Ted
http://www.bespokeinvest.com/thinkbig/2015/2/4/oil-inventories-continue-to-swell.html?printerFriendly=true
