• 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
  • 31 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 14 hours Even Shell Agrees with Climate Change!
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

Offshore Oil Discoveries Thrive

Offshore Oil Discoveries Thrive

But despite the industry as…

U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

BofA: Oil Demand Growth Has Peaked

BofA: Oil Demand Growth Has Peaked

Global oil demand continues to…

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

Small Declines In Fuel Inventories Bolster Oil Prices

Crude oil prices changed little today after the Energy Information Administration estimated a modest inventory increase of 600,000 barrels for the week to April 7.

This compared with an inventory draw of 3.7 million barrels for the previous week and put the total at 470.5 million barrels. This was about 3 percent higher than the five-year seasonal average, the EIA said.

In fuels, the authority estimated inventory declines.

Gasoline stocks last week shed 300,000 barrels, which compared with a draw of 4.1 million barrels for the previous week.

Gasoline production averaged 9.8 million barrels daily last week, which compared with 9.9 million barrels daily a week earlier.

In middle distillates, the EIA estimated an inventory decline of 600,000 barrels for the week to April 7, which compared with a draw of 3.6 million barrels for the previous week.

Middle distillate production last week stood at an average of 4.6 million barrels daily, which compared with 4.7 million bpd a week earlier.

Oil prices, meanwhile, have stabilized around $85 per barrel for Brent crude and $81 per barrel of West Texas Intermediate. They might see some changes today after the release of the U.S. consumer price index for March.

The CPI report showed that consumer prices had increased much less than expected last month, which alleviated fears of persistent inflation that would need more potentially risky interference by the Fed.

Meanwhile, the EIA said in its latest Short-Term Energy Outlook that it expected U.S. oil production to rise by about 700,000 bpd this year, to 12.54 million bpd from last year’s 11.88 million bpd. This was an upward revision of some 100,000 bpd from last month’s STEO.

At the same time, the authority does not expect crude oil prices to go much higher. In fact, the current price level for Brent is what the EIA sees as this year’s average for the benchmark.

In that, it diverges from most investment bank commodity analysts with the notable exceptions of Citi and Morgan Stanley. They both expect crude oil to end the year lower than it is now.

ADVERTISEMENT

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