• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 4 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 5 hours China's Blueprint For Global Power
  • 16 mins IMO 2020:
  • 2 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 7 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 10 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 10 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 10 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours Deepwater GOM Project Claims Industry First
  • 11 hours PETROLEUM for humanity 
  • 4 hours Brexit agreement
  • 10 hours Idiotic Environmental Predictions
Alt Text

A Major Buy Signal For Natural Gas Futures

After weeks of an unpredictable…

Alt Text

Trump’s Impossible Biofuel Dilemma

The Trump administration has been…

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

Crude Build Stalls Oil Price Rally

The Energy Information Administration reported a build in U.S. crude oil inventories of 3.3 million barrels for the week to April 6, double that of API’s estimate for a 1.76-million-barrel inventory increase, which weighed on prices yesterday.

Analysts polled by IG had expected the EIA to report a modest build of 250,000 barrels.

Last week’s build will add to a combined 2018 inventory increase of 22.5 million barrels as of end-March.

In fuels, the EIA reported gasoline inventories had gone up by 500,000 barrels in the reporting period, compared with a 1.1-million-barrel decline in the previous week. Gasoline inventories had been falling every week since the beginning of last month, with the cumulative drop in inventories for the period February 26 to March 30 at more than 12 million barrels.

Distillate inventories shed 1 million barrels, compared with a 500,000-barrel increase a week earlier.

Gasoline production averaged 10.2 million bpd last week, with refineries processing an average 17 million barrels of crude daily. Distillate production stood at 5.3 million barrels per day.

This week’s oil price movement has been firmly in the upward direction and EIA’s report is unlikely to have a strong negative impact on this. All eyes are now on the Middle East waiting for what will happen next in Syria. Though no major producer, Syria has become the arena of yet another proxy war with too many participants, including several major oil producers.

At the time of writing, Brent traded at US$71.58 a barrel and WTI was at US$66.14 a barrel but this may change when the EIA releases production figures for last week later in the day. Production has been growing steadily since the start of the year. While the daily average for the first week of January was 9.49 million bpd, the average for the week to March 30 was 10.46 million barrels daily.

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
Download on the App Store Get it on Google Play