The US crude stocks posted their largest-ever weekly build, data from the EIA last week showed. Front-month WTI settled at an 18-year low on Wednesday. Down 24 cents, NYMEX May WTI settled at $19.87/b.
During the week ended April 10, EIA data showed US commercial crude inventories surged 19.25 million barrels to 503.62 million barrels. Now, nationwide crude inventories are at 6.2 percent above the 5-year average. Crude inventories at Cushing, Oklahoma, climbed 5.72 million barrels to 54.97 million barrels.
While nationwide crude storages are now approximately 57.4 percent full, the build pushed Cushing tanks to nearly 70 percent of total capacity.
Three days after output cut agreed by OPEC+ by 9.7 million b/d in May and June, the IEA published the report. To offset such near-term demand losses, the report said there is no feasible agreement that could cut supply by enough.
Global demand this month is expected by IEA to be 29 million b/d lower than in April in the previous year.
