US crude oil stocks posted a large increase of 19.2 MMBbl. Gasoline and distillate inventories increased by 4.9 MMBbl and 6.3 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil build of 13.14 MMBbl alongside gasoline and distillate builds of 2.22 MMBbl and 5.64 MMBbl, respectively. Analysts were expecting a smaller crude oil build of 11.7 MMBbl. Total petroleum inventories posted a very large increase of 27.2 MMBbl.
US crude oil production decreased by 100 MBbl/d, per EIA. Crude oil imports were down 194 MBbl/d last week, to an average of 5.7 MMBbl/d. Refinery inputs averaged 12.7 MMBbl/d (1.0 MMBbl/d less than last week’s average).
Dire economic predictions from the International Monetary fund and this morning’s equally grim oil market report from the International Energy Agency have dashed whatever hopes were left of a quick recovery for oil markets. May WTI settled yesterday at $20.11/Bbl, down more than 18% from Monday’s open of $24.60/Bbl. As of time of writing, front month WTI is testing support at $20/Bbl.