US oil stocks at record high.

FT: “US oil was in focus after official data showed domestic crude stocks at a record high, as surging shale production overwhelmed an increase in refinery output.”
“Oil output in the US is booming thanks to fast-growing production from shale rock formations such as the Bakken in North Dakota and Eagle Ford in Texas. The government in Washington expects production to grow by 1.1m barrels a day this year to 8.4m b/d.
At the same time, imports have remained surprisingly resilient in the face of surging domestic supply, helping push stocks to record highs. The US also has an effective ban on crude exports, trapping further oil inside the country.
Figures from the Energy Information Administration released on Wednesday showed commercial crude stockpiles had climbed 3.5m barrels to 397.7m in the week ending April 18 – the highest level since the agency began compiling weekly records in 1982.
….ICE Brent June dropped 0.16 per cent to $109.09. However, many analysts believe the international oil marker could remain around that level, supported by low global stocks and supply problems in Libya and Nigeria.
They also think Iran will come under pressure to lower exports, which have averaged 1.4m barrels a day since the start of the year. This is some 400,000 b/d higher than was agreed under the recent deal with the west over the country’s nuclear programme.”