Despite record high crude oil inventories in the U.S., crude oil imports have been rising. During that week in March with such a large inventory build, imports had averaged 8.2 million barrels per day (BPD) of crude oil. The inventory build was equal to only a single day of U.S. crude oil imports. I asked why, in the face of record inventories, crude inventories in the U.S. remain so high. Over the past year, a lot of oil was stored offshore, but now the potential payoff for storing that crude oil has vanished.

Source: Forbes April 17, 2017 12:00 UTC