• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 8 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 1 hour Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 15 hours Trump Hands Putin Major Geopolitical Victory
  • 19 mins America Could Go Fully Electric Right Now
  • 9 hours Those Nasty White People and Camping Racism
  • 4 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 3 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 4 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours Buying votes is cool now.
  • 11 hours The Truth about Chinese and Indian Engineering
  • 20 hours Brent above $45. Holding breath for $50??
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days Open letter from Politico about US-russian relations
  • 2 days Trump is turning USA into a 3rd world dictatorship
U.S. Shale Remains In Survival Mode For Another Year

U.S. Shale Remains In Survival Mode For Another Year

After slashing capex plans for…

President Trump Unveils “Historic” Israel-UAE Peace Plan

President Trump Unveils “Historic” Israel-UAE Peace Plan

President Trump just announced a "historic"…

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