The United States has got a lot of crude oil on its hands right now. According to data released by the US Energy Information Administration (EIA) overnight, stockpiles swelled by a further 4.95 million barrels to 533.1 million barrels. That was near double the 2.8 million inventory build expected, and left stockpiles at the highest level on record. A lot of crude, not only in absolute levels, but also based on current consumption levels. This chart from the Commonwealth Bank underlines that last...
The United States has got a lot of crude oil on its hands right now. According to data released by the US Energy Information Administration (EIA) overnight, stockpiles swelled by a further 4.95 million barrels to 533.1 million barrels. That was near double the 2.8 million inventory build expected, and left stockpiles at the highest level on record. A lot of crude, not only in absolute levels, but also based on current consumption levels. This chart from the Commonwealth Bank underlines that last...
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