Title : US Crude Oil Inventories INCREASED SIGNIFICANTLY -- September 7, 2017
link : US Crude Oil Inventories INCREASED SIGNIFICANTLY -- September 7, 2017
US Crude Oil Inventories INCREASED SIGNIFICANTLY -- September 7, 2017
This will extend the time to re-balancing for a few more months.US commercial crude oil inventories (excluding the SPR) increased by 4.6 million bbls. I believe this is the greatest increase since we started tracking this metric about 20 weeks ago.
At 462.4 million bbls, US crude oil inventories are in the upper half of the average range for this time of year (the report did not say over how many years the "average" was determined). The average was pulled up significantly by the Saudi surge between 2014 and 2016, so saying US inventories are in the upper half is not good news for oil bulls.
Interestingly, total motor gasoline inventories decreased 3.2 million bbls last week despite the fact that Texans were not driving because they had run out of gasoline, post-Harvey. Regardless, gasoline inventories remain near the upper limit of the average range, so if you think you are over-paying for gasoline ... guess what, you probably are.
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