US crude stocks are above 350mn bl for only the third time in the last 15 years.Refiners are shutting crude units for extensive maintenance,as demand continues to weaken.US refinery runs were 14.3mn b/d last month,a 10-year low for January,while crude imports were slightly up on December.Around 25mn bl has been added to US crude inventories this year,leaving them 53mn bl up on a year ago.Forward cover provided by crude stocks stands at just over 24 days-the highest in a decade,apart from periods when hurricanes forced widespread Gulf coast refinery shutdowns.
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