Oil prices crashed mid-week on news that U.S. crude oil inventories spiked, offering evidence that the oil market is not as tight as expected only a few days ago. U.S. inventories jumped by 10 million barrels last week, rising to 470.6 million barrels. That is about 34 million barrels higher than at this point last year, and stocks are up about 20 million barrels in the last month alone. Rising inventories, especially consecutive increases of this magnitude, cut against the narrative that the oil market is suffering from a supply deficit. The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals and enthusiasts WTI crashed on the news, falling more than $2 per barrel in midday trading on Thursday. Adding to crude’s woes was news that Russia continues to produce in excess of its agreed upon cut […]