US crude stocks hit another all-time record last week, despite a rise in refinery utilization and lower imports. Stocks at the key US storage hub in Cushing, Oklahoma, also rose to their highest level since January 2014.
US crude inventories rose 6.3mn bl to 413.1mn bl, the highest on record since the Energy Information Administration (EIA) began tracking them in 1982 and the fourth consecutive weekly increase.
Imports fell while refinery throughput increased for the week ended 30 January. Imports fell by 35,000 b/d to 7.4mn b/d. Over the last four weeks, crude imports averaged 7.4mn b/d, 0.50pc above the same four-week period last year.
Throughput averaged 15.5mn b/d, 288,000 b/d higher than a week ago, while refinery run rates rose to 89.9pc from 88pc last week.
Inventories in the pricing and storage hub of Cushing, Oklahoma, rose by 2.5mn bl, the ninth consecutive week of gains, to 41.4mn bl, the highest level seen in a year. Gulf coast stocks rose by 3.6mn bl to 206mn bl, the highest since June 2014.
Gasoline inventories rose by 2.3mn bl to 240.7mn bl, while distillate stocks increased by 1.79mn bl to 134.5mn bl.
ik/mg/dcb
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