• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 22 mins Is the oil & gas industry on the way out?
  • 51 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 1 hour In a Nutshell...
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 7 hours Why Oil could hit $100
  • 2 days Where is Alberta, Canada headed?
  • 4 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days The Coal Industry May Never Recover From The Pandemic
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days Why Wind is pitiful for most regions on earth
North Dakota Will Not Impose Oil Production Cuts

North Dakota Will Not Impose Oil Production Cuts

North Dakota’s oil regulators decided…

Canada’s Oil Patch Is Bringing Production Back Online

Canada’s Oil Patch Is Bringing Production Back Online

Encouraged by higher oil prices,…

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

Major Gasoline, Distillate Build Caps Oil Price Gains

A day after the American Petroleum Institute reported sizeable builds in fuel inventories, the Energy Information Administration confirmed a build in gasoline and distillate inventories for the week to December 28, and substantial ones, at that.

Gasoline inventories added 6.9 million barrels, while distillate fuel inventories rose by as much as 9.5 million barrels in the reporting period. A week earlier, gasoline inventories went up by 3 million barrels, with distillate fuel remaining flat on the week.

The authority reported crude oil inventories remained virtually unchanged on the week but at 441.4 million barrels, inventories are 8 percent above seasonal limits – a fact likely to increase the chronic anxiety on oil markets.

Gasoline production in the final week of 2018 averaged 9.5 million barrels daily, the EIA also reported, with distillate fuel production at 5.6 million barrels daily. These figures compared with 10.1 million bpd of gasoline produced a week earlier and 5.4 million bpd of distillate fuel. Refineries last week processed an average of 17.4 million bpd in the week to December 28.

Oil prices started the year on the seesaw, with sharp rises and drops within a single trading session as the market weighed the potential effects of events such as the entry into effect of the OPEC+ agreement to cut 1.2 million bpd from their combined production and news such as the reports of Saudi Arabia cutting its exports in December to prop up prices. One analyst told CNBC earlier this week the “Saudis are trying to engineer a fall, if not plunge, in U.S. crude oil inventories to give the appearance of global tightness.”

At the time of writing, Brent crude traded at US$58.06, up by 3.77 percent, and West Texas Intermediate changed hands for US$48.95 a barrel, up by 3.95 percent from yesterday’s close. The improvement is likely a result of the OPEC cuts entering into effect as well as hopes for a trade deal between Washington and Beijing.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Neil Dusseault on January 04 2019 said:
    "Caps Oil Price Gains"?
    Here we go again:

    Do you really think that if there was a large draw both in gasoline and distillate stocks, combined with even a modest decrease in oil stocks that the market would be down more than 2%?

    Well, as usual, that's the double-standard that exists within WTI and RBOB. As I type, WTI is up more than a $1/bbl or upwards of 2% and RBOB is not far behind.

    I challenge any reporter, trader, journalist, producer, whatever...find a time when the opposite is true and I'll be right here to eat my words back up and admit I was wrong--but in the meantime, that headline of "Caps Oil Price Gains" is factually inaccurate.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News