US crude oil stocks posted an increase of 15.0 MMBbl. Gasoline and distillate inventories increased by 1.0 MMBbl and 7.9 MMBbl, respectively. Yesterday afternoon, API reported a large crude oil build of 13.2 MMBbl alongside gasoline and distillate builds of 3.4 MMBbl and 7.6 MMBbl, respectively. Analysts were expecting a crude oil build of 15.2 MMBbl. Total petroleum inventories posted a very large increase of 25.5 MMBbl.
US crude oil production decreased by 100 MBbl/d, per EIA. Crude oil imports were down 0.7 MMBbl/d last week, to an average of 4.9 MMBbl/d. Refinery inputs averaged 12.5 MMBbl/d (0.21 MMBbl/d less than last week’s average).
Another week, another massive inventory build. Working storage capacity in Cushing is now over 75% full, and by the way, the market reacted on Monday as the May contract approached expertly, most remaining capacity there is likely already spoken for. With Cushing likely to hit tank tops in early- May, mass shut-ins are beginning to materialize across the United States and Western Canada.