Fuel Check: Energy Inventories

This week's inventory report from the Energy Information Administration (EIA) showed the following changes in energy inventories:

   

Updating our charts of weekly inventories in 2008 versus their historical average shows that crude oil stocks haven't been this far below average since the second week of January.  Even with this larger than expected draw-down however, crude is trading lower.  Part of the explanation (as if anything in the energy markets can be explained nowadays) for this price action is that inventories of gasoline are just slightly below average, while inventories of distillates are 5% above average.

 

   

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