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US crude stocks climb to new record high

Oil

US commercial crude stocks rose for the third consecutive week and by 1.6M bbls to a fresh record of 535.5M bbls in the week to March 31, weekly data from the US Energy Information Administration showed. The rise in crude inventories was in spite of i) rising refinery throughput that climbed 203K b/d w-o-w to 16.43M b/d and ii) a 374K b/d w-o-w fall in US crude imports to 7.85M b/d. Domestic oil production rose 52K b/d w-o-w to 9.2M b/d in the same week, the highest since end-January 2016.

US total motor gasoline stocks fell by 618K bbls to 239.1M bbls in the week to March 31, the lowest since end-December, EIA data showed. However, gasoline inventories on the US east coast rose by 281K bbls to a two week high of 65.9M bbls.