Crude oil inventories for the latest week unexpectedly rose at a time of year when they are normally being drawn down.  In the week ending 8/14, crude oil inventories increased by 2.62 million barrels compared to expectations for a decline of 820K barrels, and a seasonal decline of 890K for the current week of the year going back to 1984.  As shown in the chart below, crude oil stockpiles in the US continue to follow their typical seasonal pattern, although from a much higher starting point.  At current levels, crude oil inventories are 126 million barrels (36.6%) above their historical average going back to 1983.

Crude 081915

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