• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Pump Prices Set to Hit $4 a Gallon

Pump Prices Set to Hit $4 a Gallon

U.S. oil prices surpass $80…

M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

Against All Odds American Oil Soars Under Biden

Against All Odds American Oil Soars Under Biden

Under most key metrics, the…

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

Major Products Draws Send Oil Prices Higher

Fuel tanks

Crude oil prices climbed today, after the U.S. Energy Information Administration reported another weekly build in crude oil inventories of 1.1 million barrels.

That compared with a build of 1.6 million barrels for the previous week.

The authority also reported major draws in fuel inventories for the week to March 17, with both gasoline and distillate fuel stocks down.

U.S. crude oil stocks stood at 481.2 million barrels at the end of last week, which was about 8 percent above the five-year average for this time of the year.

A day earlier, the American Petroleum Institute had estimated crude oil inventories had added some 3.3 million barrels in the week to March 17, which added to the pressure on prices.

In gasoline, the EIA reported an inventory decline of 6.4 million barrels for the week to March 17, which compared with a draw of 2.1 million barrels for the previous week.

Gasoline production averaged 9.5 million barrels daily in the reporting period, which compared with 9.1 million bpd a week earlier.

In middle distillates, the EIA estimated an inventory draw of 3.3 million barrels for the week to March 17, which compared with a draw of 2.5 million barrels for the previous week.

Middle distillate production averaged 4.5 million barrels daily last week, which compared with 4.4 million bpd for the previous week.

Oil prices declined on Tuesday following the API’s release of its inventory report and they extended their losses into Wednesday as the market awaited an update from the Fed on interest rates and other monetary policy after its regularly scheduled two-day meeting.

The decline followed an earlier reversal of oil’s fortunes with modest gains for benchmarks that followed subsiding fears about the global banking system in the wake of two bank collapses in the United States and the narrow escape of Credit Suisse, which peer UBS agreed to take over with the financial support of the Swiss government.

ADVERTISEMENT

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News