Crude oil inventories showed a larger than expected drop in the latest week (3.729 mln vs 1.500 mln), bringing the two week total decline to more than 10 million barrels. As shown in the chart below, these types of declines in inventories during the Summer months are inline with the typical seasonal pattern. Even after the declines, inventories remain well above average. For this time of year, inventories are still higher than they have been in any other year since 1990.
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