Total crude oil and petroleum products stocks surged +8.92 mmb to 1139.31 mmb in the week ended August 20. This is the biggest increase in 4 weeks. Crude oil inventory rose for the first time in 4 weeks, by +4.11 mmb, to 358.28 mmb and was mainly driven by the build in the Gulf Coast. Although Cushing stock dropped -0.78 mmb, to 36.26 mmb, it fails to provide any boost to the sentiment. Utilization rate slipped to 87.7%, the lowest level since May 28.
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Crude Oil Tumbled to a 11-Week Low after Huge Inventory Gains
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