FYI: This week’s inventory report from the Department of Energy showed a much larger than expected build in crude oil inventories. While traders were expecting stockpiles to increase by 1 million barrels, the actual increase was nearly seven times that at 6.634 million. With this week’s, US inventories are now back to multi-decade highs, and are currently 194 million barrels (52%) above their historical average for this time of year. Looking ahead, over the next few weeks we should start to see the seasonal build in inventory levels transition to a drawdowns as we enter the summer season.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/crude-oil-inventories-rise-much-more-than-expected/
