Crude oil inventories from the Department of Energy (DoE) for the last week increased once again last week, rising by 10.95 million barrels compared to expectations for an increase of 3.28 million barrels. This week’s increase represents the 13th straight weekly increase in crude oil inventories, which is a record going back to 1983. The chart below shows the rolling 10-week increase for crude oil inventories going back to 1983. Over the last ten-weeks, inventories have increased by 75.9 million barrels, which is actually down from the record high of 79.1 million two weeks ago.
The chart below compares weekly crude oil inventories this year to the historical average since 1983 as well as the last ten years. As has been the case many times this year, we have once again had to adjust the y-axis higher as this year’s inventory levels keep rising. As shown in the lower chart, compared to average levels going back to 1983, crude inventories are now an astounding 147 million barrels above their average for this time of year!