Column: U.S. crude stocks swell as tankers from Saudi Arabia unload - Kemp - Reuters

Column: U.S. crude stocks swell as tankers from Saudi Arabia unload - Kemp - Reuters:

U.S. petroleum inventories increased sharply last week as the fleet of tankers sent from Saudi Arabia at the height of the volume war started to discharge their crude while the recovery in domestic fuel use remained sluggish.

Total stocks of crude and products outside the strategic petroleum reserve climbed by almost 15 million barrels to a record 1.41 billion barrels, according to the U.S. Energy Information Administration.

Crude inventories jumped almost 8 million barrels to 534 million barrels, reversing a two-week draw, and the largest inventory build for four weeks (“Weekly petroleum status report”, EIA, May 28).

Increased crude stocks were driven by a sharp acceleration in the volume of imports clearing customs, with around half of it discharged from tankers loaded with Saudi crude at the peak of the volume war in March and April.