After the Stock Build

In this week’s Petroleum Status Report, the US Energy Intelligence Agency (EIA) reported that US commercial crude inventories rose a higher-than-expected 3.7 MB last week, to 379.5 MB, the highest level since 1990. Crude oil prices declined on the news, also confronted by electoral uncertainty and recessionary conditions in Europe and weaker Chinese economic statistics. US crude stocks have jumped by 14.3 MB, or 511 kbpd, during the past four weeks, supported by a 3.5 MB rise in Cushing stocks, still awaiting an outlet in the Seaway pipeline reversal that starts on May 17th. Still, US crude inventories excluding Cushing, at 335.4 MB, are near previous peaks in the weekly data. Download here