Report: Gulf Coast Crude Oil Inventories Reach Record Level

Posted April 21, 2014 at 5:00am

Oil & Gas Journal reports that “crude oil inventories on the US Gulf Coast reached a record high of 207.2 million bbl on Apr. 11, as a result of the continuing strong crude oil production growth, the opening of TransCanada’s Marketlink Pipeline, and a drop in crude oil inputs at Gulf Coast refineries due to seasonal maintenance, according to the US Energy Information Administration.”  

“’While [Gulf Coast] crude oil inventories typically build during the beginning of the year, this year’s increase has been particularly notable,’ EIA said.”  

“Gulf Coast inventories have increased 46.2 million bbl from 161 million bbl on Jan. 10 to the current level, which is 24.2 million bbl above the previous year-average and 22.2 million bbl above year-ago levels. Typically over this period, Gulf Coast crude oil inventories build only 23.4 million bbl.”