Crude oil inventories for the latest week fell by 4.226 million barrels, which was more than the 2.65 draw-down that was forecasted.  The chart below shows the current level of inventories to the historical average, the average over the last ten years, and last year (2015).  Even with this week’s drawdown, inventory levels remain 190 million above (51%) their historical average for the current week of the year dating back to 1983.  While inventory trends for 2016 are well above their historical average, they are following the following the typical pattern of rising through early May and then declining beginning in late May.

Crude 052516

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