• 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
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 19 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
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 Rallies On Large Crude Draw

Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.

This compared with a relatively modest inventory build of 1.1 million barrels for the previous week.

At 473.7 million barrels, the EIA said, crude oil inventories are 6 percent above the five-year average for this time of the year.

In fuels, meanwhile, the authority estimated a mixed inventory picture, after last week major draws in both gasoline and middle distillates pushed oil prices higher.

Gasoline inventories fell by 2.9 million barrels in the reported period, which compared with a draw of 6.4 million barrels for the previous week.

Gasoline production stood at an average 10 million barrels daily last week, compared with 9.5 million barrels daily for the previous week.

In middle distillates, the EIA reported an inventory increase of 300,000 barrels for the week to March 21. This compared with a draw of 3.3 million barrels for the previous week.

Middle distillate production averaged 4.6 million barrels daily, which compared with 4.5 million barrels daily a week earlier.

Oil prices, meanwhile, have been on the rise since the start of the week, following the shut-in of some 400,000 barrels in daily exports from Iraq’s Kurdistan region amid a dispute between the region’s government and Baghdad about control over these exports.

“Supply concerns continue to support oil prices,” Warren Patterson, head of commodities strategy at ING, told Bloomberg. “Market attention will increasingly turn to OPEC+ with next week’s JMMC meeting.”

In more good news for oil bulls, the acquisition of failed Silicon Valley Bank by First Citizens, announced on Monday, served to quench fears of a banking meltdown and a recession.

"Concerns over banking issues have subsided for now in temporarily relieving expectations for a recession," Jim Ritterbusch from Ritterbusch and Associates told Reuters.

ADVERTISEMENT

At the time of writing, Brent crude was trading at $79.50 per barrel and West Texas Intermediate was changing hands for $73.96 per barrel, both up 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




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