We had to adjust the y-axis again.  Crude oil increases for the latest week rose less than expected rising by 1.999 million barrels compared to estimates for an increase of 2.4 million.  While the build in stockpiles was less than expected, it still represents a multi-decade high in inventories.  As shown in the chart below, stockpiles are now 195 million barrels above their historical average for this time of year relative to the last ten years.  While crude oil inventories have been steadily increasing in the last few weeks, seasonal factors would suggest that stockpiles should begin their seasonal drawdown in early May.

Crude 042716

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