US
crude oil inventories soared to an all-time record last week as imports
increased, according to the latest weekly data from the Energy
Information Administration. Crude inventories went up by 6.7 million
barrels to 395.28 million barrels in the week to April 26, compared with
analysts' expectations for a rise of just 1 million barrels. Crude
stocks reached their highest level in EIA's historical data going back
to 1982.U.S. crude imports rose by 602,000 barrels per day (bpd) to 8.12 million bpd last week, EIA said. The biggest regional crude build occurred in the Gulf Coast region where stocks rose by 7.7 million barrels, the largest weekly increase there since July of 2010.
Refined product inventories were mixed though. U.S. gasoline stocks slipped by 1.82 million barrels, while Distillate fuels, which include diesel and heating oil, edged up by 474,000 barrels.
Source by Commodity Insights
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