At a time of year when crude oil inventories are supposed to be declining, stockpiles during the last week unexpectedly rose by nearly 3 million barrels.  While the consensus was forecasting a drawdown of 1.3 million barrels, actual inventories rose by 2.861 million barrels.  With this week’s increase, crude oil inventories have never been higher at this time of year than they are now.  Furthermore, there have only been four weeks at any time of year since 1983 where stockpiles were higher. It’s hard to envision an increase in gasoline prices this Summer since we are loaded to the gills with crude oil!

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