Inventories: SPR Crude Fills Commercial Tanks, Products Fall

Commercial crude oil tanks are restocking as more oil is released from strategic petroleum reserves (SPRs). OECD and non-OECD commercial tanks added 15 million barrels, or 500,000 barrels per day of crude to tanks in March, preliminary data show, which governments hope should bring some reprieve to global oil prices. SPR caverns in the US released 9 million bbl in March. But commercial product tanks continue draining at a rapid clip, shedding 37 million bbl in March. The more visible OECD product tanks lost 49 million bbl.