U.S. commercial crude inventories rose during the week ending 17 July, as production rebounded for the first time since the early days of the global COVID-19 pandemic, U.S. Energy Information Administration (EIA) data showed.
The bulk of the build was realised on the U.S. Gulf Coast, where inventories climbed 4.85 million barrels to 305.97 million barrels.
Commercial crude inventories climbed 4.89 million barrels to 536.58 million barrels in the week ending 17 July, putting stocks 19% above the five-year average (the widest surplus since October 2017).
Stockpiles at the NYMEX delivery hub of Cushing, Oklahoma, were up 1.38 million barrels on the week at 50.11 million barrels. The Cushing build was sufficient to offset draws elsewhere in the region and pushed total Midwest inventories 330,000 barrels higher last week.
Elsewhere, stockpiles of crude held in the Strategic Petroleum Reserve were reported to be 2,000 barrels lower last week, marking the first time since late April that no new crude has flowed into the Government-owned reserve.
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