What are we going to do with all of this oil? In the latest inventory report from the Department of Energy, crude oil stockpiles rose much more than expected. While traders were expecting an increase of 1.1 million barrels, actual inventories surged by 6.7 million barrels. This was the largest weekly increase since last September, and now puts crude oil inventories not only at record highs for this time of year, but all-time highs for any time of year!
While crude oil inventories keep rising, gasoline stockpiles have been on the decline. In this week's Department of Energy report, traders were expecting a decline of 900,000 barrels, but the actual decline was more than twice that at 1.82 million barrels. Unlike oil inventories, which are at record highs, gasoline inventories are just barely above their historical average for this time of year.