Following the path started in 2015, U.S. commercial crude oil inventories have continued to build in early 2016 and are nearing record highs.

Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, resulting in rising global liquids stocks. Total global liquids inventories are estimated to have grown by 2.3 million barrels per day (b/d) through the first seven months of 2015, the highest level of inventory builds through July of any year since 1998. These strong inventory builds have put significant downward pressure on near-term crude oil prices: North Sea Brent crude oil spot prices have averaged $58/barrel through July of this year compared to $109/b over the same period in 2014, responding to growth in global inventories.