• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 9 hours Once seen as fleeting, a new solar tech proves its lasting power
  • 4 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 7 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas

Breaking News:

Oil Should Stay In Triple Digits: Analyst

Why Is The United States Still Exporting Fuel?

Why Is The United States Still Exporting Fuel?

The U.S. national average price…

Economic Uncertainty Could Spark A Drop In Diesel Consumption

Economic Uncertainty Could Spark A Drop In Diesel Consumption

Growing economic uncertainty has put…

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 Slip On Huge Crude Inventory Build

Crude oil prices moved lower today after the U.S. Energy Information Administration reported that crude oil inventories had added 9.4 million barrels in the week to April 8.

At 421.8 million barrels, oil inventories are about 13 percent below the five-year average for this time of the year.

Last week’s build compared with an inventory build of 2.4 million barrels for the previous week. It also compares with an estimated inventory increase of as much as 7.757 million barrels for last week, as reported by the American Petroleum Institute.

The unexpected inventory build, however, failed to move prices much lower, with both Brent crude and West Texas Intermediate remaining above $100 per barrel.

In gasoline, the EIA reported an inventory draw of 3.6 million barrels for last week, which compared with a draw of 2 million barrels estimated for the previous week.

Gasoline production averaged 9.5 million barrels daily in the week to April 8, which compared with 9.1 million barrels daily over the previous week.

In middle distillates, which are a cause for concern in the transport sector due to especially tight supply, the EIA estimated an inventory decline of 2.9 million barrels for the week to April 8.

Middle distillate production averaged 4.7 million bpd last week, which compared with 5 million barrels daily a week earlier.

Earlier this week, oil prices recouped some of their recent losses as the Untied States and the International Energy Agency geared up to start releasing a total 240 million barrels from reserves to tame oil prices over the next six months.

However, OPEC countered the change in market sentiment when it rejected EU calls for more production to aid price-taming efforts. With the EU currently discussing a potential oil embargo on Russia, OPEC’s head, Mohammed Barkindo said this could lead to the loss of more than 7 million barrels of oil daily and that it would be “nearly impossible” to replace all these barrels.

Oil prices jumped by over $4 percent soon after reports of the meeting began pouring in. Today, at the time of writing, Brent crude was trading at $106.30 per barrel, with West Texas Intermediate at $102 per barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on April 13 2022 said:
    Still don't see the value of oil at any price at the moment though through trade with Venezuela it's possible to see refined product at a nickel a gallon as legit.

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