(Cushing, Okla) – Crude oils stocks stored at the Cushing oil hub have hit a record high for the second time in as many weeks according to the latest data released from the U.S. Energy Information Agency.
The EIA weekly report says crude inventories at Cushing hit an all time high of 40.263 million barrels, up 1.693 million barrels the week ending March 4.
The EIA report says total U.S. crude stocks rose 2.516 million barrels to 348.891 million barrels, as imports rebounded, climbing 290,000 barrels per day (b/d) to 8.3 million b/d. Most of the increases in both stocks and imports occurred along the Gulf Coast.
The buildup at Cushing has been a drag on crude oil futures on the New York Mercantile Exchange, as April futures prices have fallen from a spike on Monday of 106.73 to 104.27 on Wednesday.
