Another week, another build in crude oil inventories. For a record twelfth straight week, crude oil inventories increased, and as has been the case for most of those twelve weeks, the build in stockpiles was more than expected. While traders were looking for crude oil stockpiles to increase by 4.2 million barrels, the actual increase was 4.766 million. That takes total crude oil inventories to a record 471.644 million barrels, which is more than 136 million barrels (39%) above average for this time of year.
The chart below shows the 10-week rolling increase in crude oil inventories over the last ten weeks. As we have noted recently, this indicator has surged massively in the last several weeks. However, even though crude oil inventories increased, the rolling ten-week build in stockpiles declined by a little over 5 million down to 73.8 million barrels.