Total domestic crude inventories continue to climb. In the latest weekly petroleum status report from the Energy Information Administration (EIA), crude inventories grew to 450.5 million bbl. This is strong for the year, even though it is approximately 3.7 million bbl lower than last year’s level at this time. According to EIA, U.S. crude inventories are now about 7% above the five-year average for this time of year. Growth in global crude production, including in the U.S., combined with weaker than expected global crude demand for the fourth quarter have helped to push crude prices lower. At the end of Wednesday’s trading session, crude prices fell $1.27 and settled at $50.29. Crude prices have not been this low since October 2017.
Crude Inventories Increase for 10th Consecutive Week