This morning's release of energy inventories from the Department of Energy (DoE) showed that crude oil inventories rose by 2.623 million barrels, which was roughly inline with forecasts for a build of 2.65 million barrels. While the increase was inline with forecasts, actual levels are still well above normal. While we started out 2013 above average, the spread has continued to widen since the start of the year.
Gasoline stockpiles showed a larger than expected increase this week (1.723 mln vs. 0.9 mln estimate). Like crude oil, gasoline stockpiles started the year off at higher than normal levels. Unlike crude oil, though, gasoline has been partially working off that excess supply in the early weeks of 2013.