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Greetings!
Good read by the CME about oil prices:
Oil: Tell-Tale Signs in U.S. Inventories
- 25 Oct 2016
- By Erik Norland
- Topics: Energy
For those hoping for a sustained rebound in oil prices, U.S. inventories might present a mixed picture. First the bad news: crude oil inventories are still near record high levels and are continuing to rise on a year-on-year basis. Gasoline and ultra-low sulfur diesel (ULSD) inventories are also increasing year on year but to a lesser extent. Inventories of all three remain near seasonally-adjusted record highs.
The good news is that the pace of inventory accumulation is slowing rapidly. For a while in 2015, crude oil inventories were rising as much as 31% year on year. Currently, they are just 5% greater than a year ago (Figure 2). Gasoline inventories are up about 4% from last year while ULSD inventories are up about 7% from a year ago. At their peak rate of increase, gasoline inventories rose at about 11% year on year, while ULSD inventories increased by as much as 27% year on year.
