Hickey and Walters (Bespoke) submit:
With a build of over 3 million barrels in the latest week, oil inventories continue to swell. As shown in the chart, even though we are now in the period of the year when oil stockpiles typically decline, this year they are moving in the opposite direction. As a result, inventories are near their highest levels this year, and relative to average, are now higher than at any other point this year.
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