In case you were under the impression that oil was stabilizing, we thought this chart might help clarify just how “different” it is this time in the energy complex…
U.S. crude inventories are at levels last seen when President Herbert Hoover was battling the Great Depression.
After this week’s build – Crude stockpiles climbed 8.38 million barrels to 494.9 million in the week ended Jan. 22, the highest since November 1930, according to weekly and monthly data from the Energy Information Administration.
It did not end well last time…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1UqoEVa Tyler Durden