US crude oil stocks have grown over 30 million bbl each month so far this year, leading to a series of record highs and most recently reaching an estimated 471 million bbl of crude on Mar. 27, yet Wood Mackenzie analysts calculate the US has about 200 million bbl of unused crude storage capacity. Afolabi Ogunnaike, WoodMac senior research analyst for Americas refining and oil product markets, said he does not expect the US to run out of crude storage. “On the contrary, we anticipate that the uptick in refinery crude runs and exports will exceed the growth in supply eventually leading to stock withdrawals,” he said. WoodMac forecasts refinery crude runs will rise significantly in April as refineries exit seasonal maintenance and ramp up processing for the summer driving season. “Refinery crude runs could increase over 1.7 million b/d from the spring lows to the […]