Showing more growth than expected, total domestic crude inventories hit 410.0 million bbl last week, according to the Energy information Administration (EIA). Despite the increase, crude storage levels are 52.2 million bbl lower than where they were this time last year. The year-over-year deficit has contributed to rising crude prices, which has led to the most expensive fall gas prices since 2014. Crude storage may see more growth in the coming weeks if total domestic production, which hit 11.2 million b/d last week, continues to surge. Last week’s crude production rate is the highest recorded since EIA began tracking the rate.
Domestic Crude Inventories Swell as Production Hits All-Time High