• 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
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 24 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days What fool thought this was a good idea...
  • 18 hours Bad news for e-cars keeps coming
  • 8 days A question...
  • 13 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 14 days They pay YOU to TAKE Natural Gas
Oil Ticks Higher on Inventory Draw

Oil Ticks Higher on Inventory Draw

Crude oil prices moved higher…

Oil, Gas Drilling Activity Slips in the U.S.

Oil, Gas Drilling Activity Slips in the U.S.

The total number of active…

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 Prices Fall Despite Crude Inventory Draw

Keihin refinery

Crude oil prices inched lower today, after the U.S. Energy Information Administration reported an inventory draw of 4.6 million barrels for the week to April 14.

This compared with a modest build in crude oil inventories for the previous week, at 600,000 barrels. For the week before that, however, the EIA had estimated a sizeable draw of 3.7 million barrels.

In fuels, the EIA estimated mixed changes in inventories for the week ending April 14.

Gasoline inventories added 1.3 million barrels during that week, according to the EIA, with production averaging 9.5 million barrels daily.

This compared with an inventory decline of a modest 300,000 barrels and average daily production of 9.8 million barrels for the previous week.

In middle distillates, the EIA estimated an inventory decline of 0.4 million barrels for the week to April 14, which compared with a draw of 600,000 barrels for the previous week.

Middle distillate production averaged 4.8 million barrels daily last week, which compared with 4.6 million barrels daily for the previous week.

A day before the EIA released its weekly report, the American Petroleum Institute estimated a 2.67-million-barrel draw in crude oil inventories for the week to April 14. The report pushed oil prices higher, but the gains were offset by concern about more rate hikes in the United States that could dampen demand for oil.

At the same time, strong GDP growth and oil refining data from China mitigated any major losses from the rate hike fears, stabilizing crude oil at around $84-85 per barrel for Brent and $80-81 for West Texas Intermediate.

China’s economy expanded at a rate of 4.5 percent during the first quarter, which was more than expected. Meanwhile, refining throughput rates in the world’s largest importer hit a record in March, ahead of the start of maintenance season. Both contributed strongly to higher oil prices.

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