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Surprise Crude Build Fails To Derail The Oil Rally

  • Oil product inventories continue to draw.
  • Crude stocks at the Cushing hub saw a 1.9 million barrel draw.

Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11.

This compares with a draw of 4.8 million barrels estimated for the previous week and an estimated 1.076-million-barrel inventory decline for last week as reported by the American Petroleum Institute on Tuesday.

In gasoline, the EIA estimated an inventory decline of 1.3 million barrels for the week to February 11, which compared with a draw of 1.6 million barrels for the previous week.

Gasoline production last week averaged 8.8 million barrels daily, which compared with 9.4 million bpd a week earlier.

In middle distillates, the EIA estimated an inventory draw of 1.6 million barrels for the week to February 11, which compared with a modest draw of 900,000 bpd for the previous week.

Middle distillate production last week averaged 4.6 million barrels daily, which compared with 4.7 million bpd a week earlier.

Refineries processed 14.9 million bpd of crude oil last week, down from 15.6 million bpd for the previous week. Imports stood at 5.8 million bpd, compared with 6.4 million bpd a week earlier.

At the time of writing Brent crude was trading at $95.02 per barrel and West Texas Intermediate was changing hands for $93.75 per barrel, both up after on Tuesday they slipped on the news of Russia sending some of the troops amassed near the Ukrainian border to their bases after the completion of military drills.

The situation in Ukraine has given oil a huge boost in the past couple of weeks as tension escalated in the form of constant warnings that a Russian invasion of Ukraine was imminent.

The news of the troop moves served to quench some of the concern although the U.S., the UK, and NATO have all demanded to see all troops removed before they calm down.

By Irina Slav for Oilprice.com

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