• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 46 mins Which producers will shut in first?
  • 23 mins The Most Annoying Person You Have Encountered During Lockdown
  • 3 hours Its going to be an oil bloodbath
  • 13 mins We are witnesses to the end of the petroleum age
  • 3 mins Breaking News - Strategic Strikes on Chinese Troll Farms
  • 19 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 3 hours As Saudi Arabia Boosts Oil Output, Some Tankers Have Nowhere to Go
  • 14 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 14 hours How to Create a Pandemic
  • 8 hours Death Match: Climate Change vs. Coronavirus
  • 2 hours Natural gas price to spike when USA is out of the market
  • 15 hours Where's the storage?

Breaking News:

Why The World Needs A Weaker Dollar

Alt Text

Azerbaijan Could Soon Tap Its 410 Million Barrel Oil Reserves

Oil-dependent Azerbaijan is considering tapping…

Alt Text

What Happens If U.S. Shale Goes Bust?

The oil price war and…

Alt Text

Oil Falls To $20 On Largest Crude Build Since 2016

Amid depressed prices and storage…

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

Oil Falls On Rising Crude Inventories

Crude oil prices suffered additional pressure today after the Energy Information Administration reported a build in crude oil inventories for the week to April 19.

The authority said inventories had risen by 5.5 million barrels in the seven-day period two days after the United States announced it would be canceling the waivers it had granted eight oil importers so they could continue buying crude from Iran. Initially, prices jumped on the news sparked by worry about supply security, but later they eased down again as the supply situation globally appeared to be satisfactory.

“The market’s underlying fundamentals have shifted away from a spot market that is well supplied to a market where demand is beginning to overtake supply, Reuters quoted Schork Report author Steven Schork as saying yesterday.

Meanwhile, the EIA also reported that gasoline inventories had shed 2.1 million barrels in the reporting period, with distillate fuel stockpiles 700,000 barrels lower than a week earlier. These compared with a decline of 1.2 million barrels in gasoline inventories and a 400,000-barrel reduction in distillate fuel inventories in the week prior.

Refineries last week processed an average 16.6 million bpd, producing 9.8 million bpd of gasoline and 5.1 million bpd of distillate fuel. A week earlier, the average daily throughput was 16.1 million bpd, with gasoline production at 9.9 million bpd and distillate fuel production at 4.8 million bpd.

After the initial shock from the announcement about the removal of the Iran sanction waivers, things seem to be calming down. Two banks—Barclays and Goldman Sachs—have already said the effects of the announcement on global supply would be short-lived as importers switch to other suppliers, who would quickly fill the 1-million-bpd expected supply gap.

At the time of writing, Brent crude traded at US$73.86 a barrel, with West Texas Intermediate changing hands at US$66.22 a barrel, both down from opening.

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