Surprise Buildup in US Crude Oil Inventories Helps Oil Bears
On June 6, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. It reported that US crude oil inventories increased 2.1 MMbbls (million barrels) to 436.6 MMbbls from May 25 to June 1. However, inventories decreased 76.6 MMbbls, or 15% year-over-year.