US crude oil inventories continue to swell
US crude oil inventories continue to swell.
Last week, oil inventories rose by 1.3 million barrels from the previous week, according to the Energy Information Administration's weekly data release. This was much less than the increase of 10.9 million barrels the prior week.
It brings the total to 483.7 million barrels, maintaining inventories at the highest level for this time of year in at least 80 years.
In its annual energy outlook published Tuesday, the EIA projected that the US will produce 10.6 million barrels per day in 2020 - more than its previous estimates.
A separate EIA report Monday forecasted that drilling in the Bakken and Eagle Ford regions will slow down month-over-month in April.
After the data, crude oil spiked to as high as $55 a barrel, climbing by more than 2% to a four-month high.
Finviz