The EIA report for the week ending 17-Apr showed that US crude oil inventories gained 5.3mn barrels to 489mn, the highest in at least 80 years. Almost all of the inventory increases occurred in Gulf Coast PAD3, and Cushing added just 738,000 barrels, but bringing the total at Cushing to 62.2mn barrels of oil in storage {versus 26mn ay year ago}, a record high since 2004. The EIA still estimates that total US crude oil production will fall by 57,000 barrels per day in May. In other words, if you are looking for an excuse not to drill more oil, this is it.
The EIA report for the week ending 17-Apr showed that US crude oil inventories gained 5.3mn barrels to 489mn, the highest in at least 80 years. Almost all of the inventory increases occurred in Gulf Coast PAD3, and Cushing added just 738,000 barrels, but bringing the total at Cushing to 62.2mn barrels of oil in storage {versus 26mn ay year ago}, a record high since 2004. The EIA still estimates that total US crude oil production will fall by 57,000 barrels per day in May.ZeroHedge 23-Apr-15EIA"s drilling productivity report 22-Apr-15