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Crude Inventories Rise Again

Crude prices have been under pressure again this week. The latest report from the Energy Information Administration revealed a further rise in US crude inventories. The EIA reported that in the week ending March 27th, US crude inventories rose by 13.8 million barrels. This was three times the 4.6 million barrel increase forecasted and marks the tenth consecutive rise in inventory levels.

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This data comes on the back of the API reporting a 10.5 million barrel increase in inventory levels a day earlier. This reflects the massive lack of demand due to the ongoing coronavirus crisis.  With large swathes of the US on lockdown, oil demand has been decimated. It looks set to remain subdued until the lockdowns are over.

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