2024 US commercial crude levels near 5 year average: near 2023 levels and well above 2022 level
With 2 1/2 months of steadily increasing US commercial crude stockpiles, they remain near (-6mb on relative basis) the 5 year average. The current level of 460mb is -6 mb (-1%) compared to 2023 and +46 mb (+11%) above the 2022 levels, which represented the 5 year low. 2024 crude inventory levels have been following a typical yearly trend of increases, which typically peaks in late very early June. The current level in crude inventory is very near the 2019 level and is following a similar trend.