This week's of release of inventories for crude oil and natural gas were both higher than expected. With regard to crude oil, traders were expecting a decline of one million barrels, but the actual decline came in at just 338,000. At current levels, there have only been three weeks since 1983 when crude oil inventories were higher, and they all came in the last three weeks.
Traders were expecting gasoline inventories to fall by 300,000, but instead of declining, stockpiles rose by more than 3 million barrels. Following this week's build, gasoline inventories are now well above their average for this time of year. Hopefully this can eventually translate to lower prices at the pump, where prices have now gone 18 days without a decline.