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Inventories Rise Again
The latest data from the Energy Information Administration this week revealed a further surplus in US crude inventories, which have now risen for 15 straight weeks.
The EIA reported that in the week ending May 1st, US crude stores rose by a further 4.6 million barrels. The increase was a little less than the 7.8 million barrel increase forecast, which reflects some bounce back in demand.
That said, US crude stores are now just shy of the 535 million barrel all-time highs at 532.2 million barrels.
Storage Concerns Growing
The US Gulf Coast refining and export hub has now seen its crude levels rising to fresh record highs of 282.7 million barrels on the back of this latest increase. At the Cushing delivery hub in Oklahoma, crude stocks rose by a further 2.1 million barrels to 65 million barrels, the highest level in three years.
Refinery crude runs were up again last week, rising by 215k barrels per day as refinery utilization rates increase by 0.9% back up to 70....
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