• 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
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Even Shell Agrees with Climate Change!
  • 8 days America should go after China but it should be done in a wise way.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Riches Fuel Heated Dispute Between Venezuela and Guyana

Oil Riches Fuel Heated Dispute Between Venezuela and Guyana

Tensions are escalating between Venezuela…

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

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 Jumps Despite Crude Inventory Build

Crude oil prices rose today shortly after the Energy Information Administration reported an inventory increase of 5.5 million barrels for the week to February 2.

This compared with a build of 1.2 million barrels for the previous week that depressed oil prices.

On Tuesday, the American Petroleum Institute estimated crude oil inventories had added a modest 674,000 barrels in the week to February 2, much less than the 2.13 million barrels that analysts expected inventories to have added during the period.

In fuels, the EIA reported a draw in gasoline stocks and another in distillate stocks

Gasoline stocks shed 3.1 million barrels in the week to February 2, which compared with a build of 1.2 million barrels for the previous week.

Gasoline production averaged 9 million barrels per day last week, which compared with 9.3 million barrels daily a week earlier.

In middle distillates, the EIA estimated an inventory draw of 3.2 million barrels for the week to February 2, compared with a draw of 2.5 million barrels for the week before that.

Middle distillate production stood at an average 4.4 million bpd last week, virtually unchanged on a week earlier.

 The API had reported a build of some 3.65 million barrels in gasoline stocks and a 3.7-million-barrel draw in middle distillate inventories for the week to February 2.

Reuters market analyst John Kemp, meanwhile, reported that diesel prices were set for a spike this year because of below-average inventories. The spike, however, would only happen if the U.S. and European economies reverse the economic slowdown that marked last year.

Kemp had earlier written that manufacturing activity in the United States was on the rebound, suggesting a further tightening of the below-average stocks of diesel fuel, which would have a fast effect on prices.

Oil prices, in the meantime, were on the rise earlier today, following the API’s release of its inventory estimates. Contributing to the rise was a report from the EIA that forecast a sharp slowdown in oil production growth in the country this year.


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