Energy XXI Ltd fka EXXIQ

[DocLevi]

That's actually somewhat good news

This week's U.S. petroleum report was bearish for crude, according to Michael Wittner and Ashish Karel, two analysts from Societe Generale.

"The highlights of the week were a huge build in crude stocks," they said in a note late Wednesday.

"Looking ahead, we expect the WTI versus Brent discount to narrow in the (second quarter of 2015). In April, refinery runs should increase in the U.S. but drop in Europe and Asia, due to planned maintenance."

The build up in stocks comes despite a fall in the amount of operational rigs in the U.S.

Analysts at Citi, headed by Eric Lee, said this should "eventually" slow down U.S. production growth, but state that this isn't happening yet despite storage tanks filling up toward "critically high levels."