U.S. crude stores climbed to a record high again last week after adding another 4.5 million barrels to the country’s inventories.
Crude inventories rose to 448.9 billion barrels excluding the Strategic Petroleum Reserve during the week ending on March 6, the U.S. Energy Information Administration said Wednesday.
The spike was slightly less than the 4.75 million barrels increase analysts expected.
“At 448.9 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years,” the EIA said.
The amount of oil stored at the Cushing, Oklahoma terminal has nearly tripled since October to over 51 million barrels, Bloomberg said.
The record oil supply glut is putting pressure on storage capacity and could push oil and gasoline prices even lower in coming months.
Storage capacity at Cushing as well as other large terminals near Houston and in St. James, Louisiana are currently being expanded to accommodate growing supplies.
The EIA said the United States is currently using about 63 percent of its total storage capacity.
U.S. crude oil refinery inputs averaged 15.3 million barrels per day, a 187,000 barrels per day spike over the previous week.
Refineries operated at 87.8 percent of their operable capacity last week.
U.S. crude oil imports averaged 6.8 million barrels per day last week, down 575,000 barrels per day from the previous week.
Crude imports averaged over 7.1 million barrels per day over the last four weeks, a 1.2 percent drop from the same period last year.