• 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
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 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.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

Will OPEC Increase Production?

Will OPEC Increase Production?

Even though the IEA cut…

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 Bolstered By Falling Crude Inventories

Crude oil prices continued up today after the Energy Information Administration reported a crude oil inventory draw of 2.5 million barrels for the week to March 18.

This compared with a build of 4.3 million barrels for the previous week, which temporarily arrested the latest oil price rally.

In gasoline, the authority reported an inventory draw of 2.9 million barrels for the week to March 18, with production averaging 9.8 million barrels daily.

This compares with an inventory draw of 3.6 million barrels for the previous week and average daily production of 9.4 million barrels.

In middle distillates, the EIA reported an inventory decline of 2.1 million barrels for last week, which compared with a build of 300,000 barrels for the previous week.

Middle distillate production averaged 5 million bpd last week, which compared with 4.9 million bpd a week earlier.

Regarding middle distillates, top global commodity traders have warned that a shortage of diesel was looming over the global economy that could become systemic, according to a Financial Times report from this week.

“Europe imports about half of its diesel from Russia and about half of its diesel from the Middle East,” Russell Hardy, chief executive of Vitol, said, as quoted by the FT. “That systemic shortfall of diesel is there.”

“Diesel is not just a European problem, this is a global problem. It really is,” said Gunvor co-founder Torbjorn Tornqvist.

Meanwhile, oil prices slowed down after shooting up earlier this week on news that the European Union was mulling over a ban on Russian oil. After it became clear that the ban has yet to be agreed as some EU members had misgivings about that step, the price rally stalled.

At the time of writing, Brent crude was trading at $120.90 per barrel, with West Texas Intermediate at $114.20 per barrel, both up slightly from Tuesday’s close.

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