• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour 60 mph electric mopeds
  • 1 min COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 18 mins Russia loses its chance to capture the EU gas market
  • 5 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 5 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 7 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 33 mins So the President is on that Hydroxy
  • 4 hours Let’s Try This....
  • 4 hours DEFIANCE – There are More of Us Than Them
  • 18 hours Ventura County to Replace Natural Gas Generation with Battery Storage
Why The Future Of Oil Rests On China

Why The Future Of Oil Rests On China

The pace of oil demand…

This Oil Nation Sees Production Drop As COVID-19 Cases Spike

This Oil Nation Sees Production Drop As COVID-19 Cases Spike

Kazakhstan’s crude oil production has…

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

Rising Crude Inventories Fail To Halt Oil Rally

Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.

This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31.

In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2 million bpd a week earlier.

In distillate fuels, the authority reported a fall in stockpiles of 1.5 million barrels for last week. This compared with a 1.3-million-barrel inventory decline a week earlier. Distillate fuel production last week averaged 5 million bpd, down from a week earlier.

Refineries processed some 16 million bpd last week, the EIA also said.

Oil prices meanwhile broke a ten-day losing streak after media reports emerged that Chinese scientists may have found a treatment against the disease. Oil gained more then 3 percent on the news in Asian and European trading on Wednesday. However, the World Health Organization shattered the budding optimism by saying there was as of yet no known cure for the coronavirus.

“There are no known effective therapeutics against this 2019-nCoV and WHO recommends enrollment into a randomized controlled trial to test efficacy and safety. A master global clinical trial protocol for research and prioritization of therapeutics is ongoing at the WHO,” the agency said.

As the WHO statement begins to make waves across oil markets, EIA’s latest inventory update could accelerate/slow down the drop, especially as it confirms/rejects the American Petroleum Institute’s estimate of a 4.18 million-barrel inventory build, reported yesterday.

At the time of writing Brent crude was trading at $56.05 a barrel, with West Texas Intermediate at $51.47 a barrel both up by close to 4 percent from yesterday’s close.

To get ahead of the EIA report in the future download the Oilprice.com app and set an oil price alert to see how the insiders are trading before the news becomes public.

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




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