What a 14.4 million barrel build looks like…

November 3, 2016 by Jim Colburn Leave a Comment

Yesterday’s EIA release showed crude oil stocks building by a record 14.4 million barrels… From “This Week in Petroleum” here are two charts showing perspective:

And, days supply relates current stock levels to current demand:

While days supply would suggest that stock levels are no worse than last year, last year was a year of imbalance, and, the recent direction is up, not down… I’ll be interested to see if the “big three” monthly oil reports from the EIA, IEA and OPEC (due out next week) move their expected time of “balance” to sometime in 2018…

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