Data from the US Energy Information Administration (EIA) showed that US commercial crude stocks hit a new record high last week as refinery demand remained weak. According to the data, stockpiles stood at 539.28 million barrels in the week ended June 12, an increase of 1.22 million barrels from the previous week. Inventories were 14.5% higher than the five-year average.
The build was concentrated in the US Gulf Coast, which stocks increased by 3.81 million barrels to a historic level of 307.49 million barrels. Conversely, inventories at Cushing dropped for a sixth straight week by 2.61 million barrels to 46.84 million barrels. At the same time, the Strategic Petroleum Reserve reached 65.17 million barrels after a build of .73 million barrels.
Refinery net crude intakes rose by 120,000 bpd during the same week to 13.6 million bpd, marking a five consecutive week of increase. However, inputs were still 20% below the five-year average. Crude intakes by USGC refineries were 14.4% lower than the five-year average. Refinery runs in the US Atlantic Coast and West Coast remained, respectively, 51% and 31% lower than the average.
