Weekly Crude Oil Storage as of July 17, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.9 million barrels from the previous week. At 536.6 million barrels, U.S. crude oil inventories are about 19% above the five year average for this time of year, according to the EIA crude oil and petroleum
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Reuters LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards, even with the nation’s recovery in domestic consumption.
