Crude Oil Inventories Fall Less Than Expected

Crude oil inventories (from the Department of Energy) for the latest week fell 133K barrels, which was much less than the consensus forecast for a decline of 1.3 million barrels.  The chart below updates the current inventories of US crude oil and compares them to the average of the last ten years as well as the average going back to 1984.  As shown in the chart, crude oil inventories remain near all-time record highs and are nowhere near where they normally are at this time of year.

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