Crude oil inventories saw a significant build this week, even as traders were expecting a decline of 750,000. With an increase of 3 million barrels, crude oil inventories are now once again higher than they have been at any other time since 1983. You can drive a truck through a gap between actual stockpiles and the average for this time of year.
While crude oil inventories are higher than they have ever been, gasoline stockpiles are much closer to average for this time of year -- and even more so after this week's decline in inventories. For the latest week, traders were expecting a decline of 650,000 barrels, while the actual decline came in at more than twice that (-1,514).