Crude oil inventories rise 9 of the last 10 weeks, up 2.1 MM barrels to 352 MM barrels; gas drawn down for 5 weeks straight

Via EIA:

Domestic storage facilities are packed with crude oil. Commercial inventories rose 2.1 million barrels in the March 18 week to 352.8 million. Inventories have risen for nine of the past 10 weeks. Inventories at the Cushing hub are at record levels, above 40 million barrels for the third straight week at 40.2 million. Oil imports have yet to show any effect from the Libyan shut in, rising to 9.0 million barrels per day from 8.7 million in the prior week.

The product side is a different story with gasoline inventories being drawn down for five straight weeks and distillates drawn for five of the last six weeks. The draws reflect restricted refinery output against steady demand. But refineries did increase their output in the latest week, operating at 84.1 percent of capacity for the strongest rate in six weeks. Demand indications are positive but did slow in the week, to a year-on-year plus 1.2 percent for gasoline and plus 3.6 percent for distillates.

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