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U.S. Oil Inventories Top 500 Million Barrels For The First Time Ever

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US crude oil stockpiles surpassed 500 million barrels for the first time last week, the EIA's weekly petroleum status report said. US commercial crude inventories rose by 7.8 million barrels, bringing total US oil stockpiles to 502.7 MMbbls. Analysts had expected a rise of 4.8 million barrels.

Oil stocks have therefore hit a record high for the second consecutive week. Stocks in US Gulf Coast region last week increased to the highest level on record. (EIA started tracking that data in 1990).

http://oilpro.com/post/22056/us-oil-inventories-pass-top-million-barrels-first-time-ever?utm_source=WeeklyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-02-03

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