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US crude stocks increase w-o-w by most since 2001


US crude oil stocks increased by 10.9M bbls w-o-w to total an eleventh-consecutive weekly record of 482.4M bbls in the week ending 3 April, data from the US Energy Information Administration shows. This represents the largest weekly build in stocks since March 2001 and marks the third time this year in which stocks have increased by more than 10M bbls w-o-w, the first time this has happened according to records dating back to 1982. US crude inventories have now increased by 100M bbls (26%) since the start of the year. US crude oil imports surged by 869K b/d from the previous week to average a year to date high of 8.2M b/d. US crude oil refinery throughputs increased by 201K b/d to 15.9M b/d, the highest since early January and the first time utilisation has been at 90% or higher since February.