The market's demand worries appeared overblown, however, when the U.S. Energy Information Administration reported Wednesday that the nation's crude inventories rose 700,000 barrels to 322.2 million barrels last week — building on the previous week's increase, which was the biggest in more than four years.
Gasoline inventories rose 4 million barrels to 220.8 million barrels. Distillate fuels, which include heating oil and diesel, rose 700,000 barrels to 142.6 million barrels. Heating oil inventories slipped, but a huge rise in diesel fuel more than offset the loss.
I've thought that the increase in the SPR was significant in the past, possibly indicating pending military action against Iran, but was wrong.
I can't always be wrong on this, can I?
