This morning's release of energy inventories from the Department of Energy showed that crude oil inventories rose by 2.623 million barrels, which was roughly in line with forecasts for a build of 2.65 million barrels. While the increase was in line with forecasts, actual levels are still well above normal. We started out 2013 above average, but the spread has continued to widen since the start of the year.
Gasoline stockpiles showed a larger-than-expected increase this week (1.723 million vs. 0.9 million estimate). Like crude oil, gasoline stockpiles started the year off at higher than normal levels. Unlike crude oil, though, gasoline has been partially working off that excess supply in the early weeks of 2013.