Oil Drops Further as Inventory Soars Almost 5 mmb

The DOE/EIA reported that total crude oil and petroleum products stocks increased +9.44 mmb to 1053.76 mmb in the week ended January 6. Crude stockpile added +4.96 mmb to 334.65 mmb as stocks in rose in 3 out of 5 PADDs. Cushing stock slipped -0.19 mmb to 29.11 mmb. Utilization rate increased +0.60% to 85.6%.

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Oil Drops Further as Inventory Soars Almost 5 mmb