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U.S. Crude Oil Storage Capacity: There's More Available Than You Might Think

The latest EIA weekly petroleum report showed another very strong build in oil inventories. As of February 27th, crude oil stocks increased 10.3 million barrels week-over-week to a record 1.14 billion barrels:

Perhaps more interesting is that Lower-48 production was up 41,000 bbls week-over-week despite the most recent Baker Hughes rig count being down another 43 rigs (see below). Note also domestic production was up a massive 1.265 million barrels year-over-year. Read more