The weekly inventory surprised versus consensus, regarding the reported rise in crude oil stocks. Overall, crude oil inventories in the US are now at an all-time record. Prices sold off, initially, but then rebounded. Gasoline inventories showed a decline, and that enabled gasoline to exert some seasonal leadership and pulled prices back up across the complex. The record amount of crude oil in storage was a mere formality.
Energy Overview — TotalView™ of the Energy Markets