IEA Report: U.S. Crude Oil Inventories Surge 15 Million Barrels, Closing in on Record
The U.S. Energy Information Administration (EIA) released its weekly petroleum status report on April 22, and the numbers show that consumption of refined products has collapsed and oil producers have been slow to respond with corresponding production cuts, causing oil prices to fall sharply and even enter into negative pricing as traders look to unload oil they can't find storage for.
As of April 17, U.S. commercial crude oil inventories increased 15 million barrels from the previous week to 518.6 million barrels, according to the report. That's 9% higher than the five-year average, and has put the U.S. within striking distance of setting a record for most oil ever in commercial storage. The record of 532 million barrels was set in early 2017.
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Source Fool.com
