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Cushing Storage Around 90% Full As Inventories Surge Most In 14 Years, Crude Plunges

Following last night's huge 12.2 mm barrel inventory rise estimate from API, DOE has just confirmed last week saw an almost all-time high 10.95 million barrel inventory build. This is the higest since March 2001. With today's 1.232 million barrel addition at Cushing, Goldman estimates only about 10% of storage capacity is left. And to complete the trifecta, crude oil production ticked back up again after last week's hope-strewn reduction.

  • U.S. CRUDE OIL STOCKS LARGEST WEEKLY BUILD SINCE MARCH 2001 - EIA
  • U.S. GULF COAST CRUDE STOCKS LARGEST WEEKLY BUILD SINCE JULY 2010 - EIA

Biggest weekly build in 14 years... 13th week in a row of builds - a record

 

Hitting another all-time record high inventory...

 

With Cushing rising notably - pushing storage levels to around 90%

 

Weighing on crude...

 

Retracing most of yesterday's idiocy...

 

 

Charts: Bloomberg