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EIA Crude Stocks Build Driven by Higher Imports

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Crude showed at unexpected build driven by increases in imports from Canada, Colombia, Mexico and Nigeria. The weekly imports increase of 1.31mbpd resulted in the crude build despite higher refinery utilisation, an increase in exports and drop in production.

  • Imports from Nigeria reached the highest in three and a half years with the country losing out on supplies to China and India by discounted Russian crude.
  • Total crude imports have risen above the five year average for this time of year.

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Crude showed at unexpected build driven by increases in imports from Canada, Colombia, Mexico and Nigeria. The weekly imports increase of 1.31mbpd resulted in the crude build despite higher refinery utilisation, an increase in exports and drop in production.

  • Imports from Nigeria reached the highest in three and a half years with the country losing out on supplies to China and India by discounted Russian crude.
  • Total crude imports have risen above the five year average for this time of year.

Keep reading...Show less