Oil Inventory Increased More than Expected

According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +10.79 mmb to 1067.66 mmb in the week ended April 20. Crude stockpile increased +3.98 mmb to 373.02 mmb as stockpiles increased in 4 out of 5 PADDs. Cushing stock alone rose +0.57 mmb to 41.75 mmb. Utilization rate increased +0.1% to 84.7%.

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Oil Inventory Increased More than Expected