• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour COVID 19 May Be Less Deadly Than Flu Study Finds
  • 4 hours 60 mph electric mopeds
  • 1 min Would bashing China solve all the problems of the United States
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 1 hour Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 9 hours Pompeo's Hong Kong
  • 13 mins Let’s Try This....
  • 4 hours Nothing can shake AMLO’s fossil-fuel fixation
  • 36 mins Oil and Gas After COVID-19
  • 5 hours Iran's first oil tanker has arrived near Venezuela
  • 5 hours Natural gas is crushing wind and solar power
  • 5 hours New Aussie "big batteries"
  • 10 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 14 hours Oil Markets Could Soon Face A Devastating Supply Crunch
Russia Considers Extending Oil Output Cuts Beyond June

Russia Considers Extending Oil Output Cuts Beyond June

Russia’s Energy Minister Alexander Novak…

Oil Hedging Leaves Traders Dangerously Exposed

Oil Hedging Leaves Traders Dangerously Exposed

Ultra high volatility in crude…

This Oil Nation Sees Production Drop As COVID-19 Cases Spike

This Oil Nation Sees Production Drop As COVID-19 Cases Spike

Kazakhstan’s crude oil production has…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Gasoline Inventories See Surprise Draw As Crude Stocks Soar

A day after the American Petroleum Institute reported yet another inventory build estimate, at close to 10 million barrels, the Energy Information Administration confirmed a build, saying inventories of crude oil in the U.S. had gained another 9 million barrels in the week to April 24.

This comes after an inventory build of a massive 15 million barrels for the previous week, itself following a record-breaking weekly addition of 19.2 million barrels for the second week of April.

Analysts expected a build of 10.6 million barrels for last week.

The EIA also reported a draw of 3.7 million barrels in gasoline, with average daily production of 6.7 million bpd. This compared with an inventory build of 1 million barrels for a week earlier, which was quite modest compared to previous gasoline builds, and an average production rate of 6.2 million bpd.

In distillate fuels, the EIA reported an inventory build of 5.1 million barrels and daily production of 5 million bpd for the week to April 24. This compared with an inventory build of 7.5 million barrels a week earlier and average production of 5 million barrels daily.

A day before it released its latest weekly inventory report, the EIA said that 2019 was the first year since 1957 when energy production in the United States had exceeded consumption. The sharpest rise in energy production came, unsurprisingly, from natural gas and crude oil.

This year will likely look much differently. Consumption, for one thing, has suffered a severe blow from the coronavirus pandemic and the resulting lockdowns. Now these are beginning to be eased in some states, but it will be a while before life returns to normal.

At the same time, oil producers are shutting in wells in response to persistently low prices and the absence of a discernible price floor under West Texas Intermediate and other regional blends. This, coupled with the fall in production from companies forced to file for bankruptcy, will lead to a significant decline in energy production as well.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News