The US Energy Information Administration (EIA) in its latest Weekly Petroleum Status Report said that low demand for petroleum products had led commercial crude stocks in the country to break a new record of 541 million barrels in the week ended June 19, 5 million barrels higher than the previous peak recorded in March 2017.
During the week, US net commercial crude oil stockpiles were at 62% of overall available storage capacity. Commercial crude oil inventories in the US Gulf Coast had risen by 63 million barrels since March 13, when the US declared a national emergency. USGC inventories are now at an all-time high of 249 million barrels. Crude oil storage capacity utilization in Cushing declined to 58% of capacity on June 19, compared to 83% in the week ending May 1.
