US oil exports surged over 1 million barrels per day.
That's more than what is pumped by OPEC members Gabon, Ecuador, Libya and Qatar.
Even so, crude stockpiles rose 9.5 million barrels to total 518.1 million barrels for the week ended Feb. 10, the EIA said.
The previous record was at roughly 512.1 million barrels for the week ended April 29, 2016.
And in the first 41 days of this year, U.S. commercial crude oil stocks are up 38.5 million barrels. That compares to a 10-year average rise of just 14.3 million barrels.
And as John Kemp points out, U.S. crude oil imports averaged around 8.5 million b/d over last 4 weeks compared with 7.7 million b/d at same point last year.
So we're exporting more, but importing more.
Meanwhile, refinery run-rates are down. Even so, gasoline stocks just hit a record. And distillate stocks are much higher than normal.
Bottom line: We are swimming in crude and product. We should see lower prices ahead.
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