by Bespoke Investment Group
This morning's weekly release of Energy inventories showed greater than expected builds across the board for crude oil, distillates, and gasoline. In the charts below, we show the weekly changes in crude oil and gasoline stockpiles so far in 2011 and compare those changes to the historical averages.
As shown in the charts below, crude oil stockpiles remain above average for this time of year. Additionally, this week's build in stockpiles contrasts to the average pattern where crude oil stockpiles typically begin to decline by this point of the year.
For gasoline, inventories rose but still remain below average for this time of year. Interestingly, gasoline has followed the pattern of the historical trend except that the magnitude of the moves this year has been greater. Earlier in the year, gasoline stockpiles were well above average, but then within a matter of weeks stockpiles quickly declined to below average levels.
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