US crude oil stock grows another 4.6M bbls

Oil

US commercial crude oil stocks grew again during the week ending May 1, rising by 4.6M bbls w-o-w to 532.2M bbls, 12% above the five year average for this time of year and the highest level since April 2017, according to the US Energy Information Administration (EIA). Refineries operated at 70.5% of their capacity, up 0.9% w-o-w, with refinery inputs also up 216K b/d w-o-w at 13.0M b/d. Distillate fuel oil stocks shot up by 9.5M bbls w-o-w (or 6.7%) to 151.5M bbls, 20.6% higher than this time last year and the highest level since June 2017.