• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 5 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 11 hours How many drilling sites are left in the Permian?
  • 7 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 16 mins End of Sanction Waivers
  • 4 hours "Undeniable" Shale Slowdown?
  • 8 hours Case against Trans Mountain Begins
  • 2 days Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 7 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 11 mins Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 4 hours Climate Change Protests
  • 6 hours Gas Flaring
  • 8 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 9 hours Oil at $40
  • 7 hours China To Promote Using Wind Energy To Power Heating

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

The Firm Floor Under Oil Prices

The continued slowdown of US…

Alt Text

U.S. Doubles Oil Exports In 2018

The United States nearly doubled…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment




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