Crude oil inventories for the latest week rose by 3.073 million barrels, which was over 800K barrels more than expected.  As shown in the chart below, inventories are currently in a stretch of the year where they typically rise, and this week’s jump only further increased what are already well above average levels of stockpiles.  For the current week of the year, inventories are now 137 million above average, which works out to over 40% in percentage terms.  Following news of the larger than expected build in stockpiles, crude oil prices quickly gave up a 2% intraday gain, and after rebounding a bit are now just modestly positive on the day.

Crude 100715

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