US crude oil stock growth continues

Oil

US commercial crude oil stocks have increased for the fourteenth consecutive week, with inventories rising by 9M bbls w-o-w to 528M bbls, the highest since April 2017, the US Energy Information Administration (EIA) has reported for the week ending 24 April. Gasoline stocks declined by 3.7M bbls to 259.6M bbls, despite reaching record highs of 263.2 M bbls the previous week, a figure roughly 10% higher than the five-year average for this time for year. Refineries operational capacity utilisation grew to 69.6%, up by 2% w-o-w, with refinery inputs also increasing to 12.8M b/d, up 305K b/d.