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Crude Inventories Rise Again
In yesterday’s report, the Energy Information Administration reported a further build in US crude inventories. In the week ending March 20th, the EIA reported that US commercial crude levels rose by 1.6 million barrels.
Although this wasn’t as high as the 2.8 million barrel increase forecast, this latest increase means that US crude inventories have been in a surplus for nine straight weeks, a worrying indication of weakened oil demand.
Crude levels are now back up to 455.4 million barrels.
Refinery utilization was still running relatively firmly this week with rates increasing by 0.9% to 87.3% of total capacity.
However, the EIA notes that refiners have been reducing their inventories of gasoline and diesel fuel. These are now at their lowest levels since December. This reflects refiner expectations of a continued decline in demand.
Gasoline & Distillate Stockpiles Down
The report showed that US gasoline inventories were down by 1.5 million barre...
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