Crude oil inventories for the latest week were just released, and although traders were looking for a drawdown of 2.4 mln barrels, actual stockpiles fell by 843K barrels. As a result, crude inventories remain well above average and at record highs for this time of year.
Traders were expecting a build in gasoline inventories this week, but the actual build was two and a half times more than expected (5 mln barrels vs 2 mln barrels forecast). Ever since May, gasoline inventories have mostly been right at below average levels. In the last three weeks, however, stockpiles have seen their largest build (16.75 mln barrels) since the aftermath of the Lehman collapse in October 2008. This has brought the gap between current and average stockpiles to hits highest levels since May.