Oil has been getting hit hard lately thanks to rumours, Saudis talking about pumping more, OPEC, saying there’s plenty, and now this.
From the Energy Information Agency, a big spike in the amount of US oil inventories.
Analysts had expected an increase in buildups by about 1 million barrels.
Instead: 8.5 million.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.5 million barrels from the previous week. At 367.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 1.4 million barrels last week and are in the lower half of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.3 million barrels last week and are near the lower limit of the average range for this time of year. Propane/propylene inventories increased by 1.3 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories increased by 11.4 million barrels last week.
Here’s a one-month chart that show how much the USO (oil ETF) has fallen in the last few days.
Photo: Yahoo Finance
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