• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 3 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

U.S. Commercial Crude Oil Stocks Hit Record High

The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, data from the Energy Information Administration (EIA) showed on Monday.

In its latest Weekly Petroleum Status Report, the EIA reported a 1.4-million-barrel increase in crude oil inventories for the week to June 19. At 540.7 million barrels, U.S. crude oil inventories are still above the five-year average for this time of the year, and demand improvement seems to be going more slowly than hoped, as suggested by the change in fuels.  

At nearly 541 million barrels of crude oil inventories for the week to June 19, the U.S. beat by 5 million barrels its previous record for the highest volume of commercial inventories from late March 2017, EIA data showed.

As of June 19, U.S. net commercial crude oil inventories were at 62 percent of total available storage capacity.

Commercial crude oil inventories in the U.S. Gulf Coast have jumped by 63 million barrels since March 13, when a national emergency was declared in the United States. The Gulf Coast inventories are currently sitting at an all-time high of 249 million barrels, according to the EIA.

However, the capacity utilization of the crude oil storage at Cushing, Oklahoma, dropped to 58 percent on June 19, from 83 percent capacity filled on May 1, the EIA has estimated. Fears of overflowing storage sent WTI Crude prices – based on physical delivery of WTI crude oil at Cushing – below zero on April 20 and 21.  

Demand, especially gasoline demand, in the U.S. has been recovering from the April lows, but it is still well below the levels typical for this time of the year. Refinery capacity utilization is rising much slower as refiners and the market have to draw down excess inventories that surged at the start of the lockdowns.

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News