The latest EIA weekly petroleum report showed another very strong build in oil inventories. As of February 27th, crude oil stocks increased 10.3 million barrels week-over-week to a record 1.14 billion barrels: Perhaps more interesting is that Lower-48 production was up 41,000 bbls week-over-week despite the most recent Baker Hughes rig count being down another 43 rigs (see below). Note also domestic production was up a massive 1.265 million barrels year-over-year. Read more