Crude oil inventories for the latest week showed a larger than expected decline, falling by 1.925 million barrels compared to forecasts for a decline of 1.650 million.  In spite of the decline in stockpiles, though, crude oil inventories remain well above their historical average.  At current levels, crude oil inventories are 131 million or 39% above their historical average for this time of year.  Additionally, as shown in the chart below, crude oil inventories are currently in the tail end of their seasonal drawdown period, which typically ends in late September before inventories once again start to build through early November.

Crude 092315

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