Sources - EIA, Thomson Datastream
The EIA's weekly US Petroleum Report, released earlier today, shows that stocks of oil rose again last week. And, rather repetitively now, this is the seventh consecutive week that oil stocks have reached a new record.
Meanwhile, stocks of gasoline fell very slightly to just under 240 million barrels.
Capital Economics notes in a report on Wednesday:
- The latest data from the EIA suggest that the surge in gasoline stocks may have run its course as demand picks up, but stocks of crude oil are likely to continue to rise.
- There is now a clear disconnect between stocks of crude oil, which continue to surge, and those of gasoline, which have started to level off.
- What's more, the recent cold weather has boosted demand for distillate fuel oil, which makes up around a fifth of US oil consumption.
