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US Crude Stocks Hit Fresh Record High

Oil

US crude oil inventories increased by 867K bbls w-o-w to a record high of 533.98M bbls in the week ending 24 March, according to the US Energy Information Administration (EIA). Stocks have now risen by 64.01M bbls since the last week of 2016 and are up by 30.16M bbls compared to the same week last year. US crude imports decreased by 83K b/d from the prior week to 8.2M b/d, while US crude runs jumped by 425K b/d w-o-w to 16.23M b/d, the highest since January.