US crude oil stocks up by 15 million barrels: EIA

According to the Weekly Petroleum Status Report published by the U.S. Energy Information Administration (EIA) on April 22, the country’s commercial crude oil stocks for the week ending on April 17 rose 15 million barrels/day or 3% from the previous week to 518.6 million barrels. The latest figure stands above 9% higher from the five-year average for this period of the year.

Inventories rose by 19.2 million barrels during the week ending April 10.



In terms of crude oil storages, Cushing, Oklahoma - the delivery point of the NYMEX crude contract – was reported to be 76% full over the last week, standing 7% higher from the previous week. The storage capacity for the US Gulf Coast increased by 3% on the week and became 58% during the week ended on April 17.

The other storages, which can be seen below, all witnessed increases of 2-4% in their working storage capacities from a week earlier. The higher figures were mainly attributed to the stock build-up amid lower consumption as a result of the several global lockdown measures led by the coronavirus pandemic.



When net stocks (held at refineries and tank farms) and working storage capacities are compared, it represents the highest ratio at 60% since the beginning of the year as a reflection of the jump in crude oil supplies.