US crude oil stocks rose despite record-high crude oil processing

US crude oil stocks rose by 2.5 million barrels last week. This was attributable to a sharp increase in imports to nearly 8 million barrels per day, the second-highest figure this year. 

Crude oil processing also rose, achieving a new record level of 16.9 million barrels per day, though this was not enough to prevent the inventory build. 
US crude oil stocks are just shy of 100 million barrels above the long-term average, and it is hard to imagine any noticeable reduction of this overhang. 

US gasoline demand is very robust, climbing last week to its highest level since August 2007 and to its second-highest level since records began 25 years ago. This drove down gasoline stocks by 1.7 million barrels despite a significant rise in gasoline production, says Commerzbank.