Quotes from Capital Economics:
- The EIA's weekly US Petroleum Report, released earlier today, shows that stocks of oil surged again last week. This is the sixth consecutive week that oil stocks have reached a new record. The sharp increase in crude stocks has been far bigger than we would normally expect at this time of year.
- However, headlines suggesting that US oil storage tankers are "about to burst" are overdone. Based on the latest EIA estimate of US storage capacity and today's oil stocks figures, we estimate that US storage tanks are around 61% full.
- There are probably still a couple of months to go yet before we see an ease off in the growth of, let alone a decline in, US oil stocks.
