by Wolf Richter
The chart shows what a truly relentless glut looks like
It usually comes in small-sounding and unlarming increments. But add up enough of these increments, and pretty soon you have some real numbers.
Today was another one of those, and it hit a huge milestone. The Energy Information Administration released its new set of weekly petroleum data, including inventories. During the week ending August 19, US crude oil inventories rose by 2.5 million barrels to 523.6 million barrels.
Oil bulls weren’t tickled: West Texas Intermediate fell 2.8%, settling at $45.77.