• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 7 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 47 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 15 hours Сryptocurrency predictions
  • 1 day Joe Biden's Presidency
  • 18 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 1 hour .
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

Oil Rallies On Small Crude Inventory Build

As the effect of the coronavirus epidemic begins to recede and oil prices start to recover, the Energy Information Administration reported a crude oil inventory build of 400,000 barrels for the week to February 14, hardly affecting the tentative bullishness.

A day earlier, the American Petroleum Institute reported an estimated inventory build of 4.16 million barrels, which made prices falter. Analysts, for their part, had expected the EIA to report an inventory build of 3.767 million barrels, adding to a hefty 7.5-million-barrel increase reported for the previous week.

For the week to February 14, the EIA also reported a 2-million-barrel decline in gasoline stockpiles, with production averaging 9.5 million bpd. A week earlier, gasoline inventories shed a modest 100,000 barrels, with production averaging 9.2 million bpd.

In distillate fuels, the EIA reported a decline of 600,000 barrels, with production at 4.9 million bpd. This compared with an inventory draw of 2 million barrels for the previous week and a production rate of 4.8 million bpd.

A day before its weekly petroleum status report, the EIA revised down its forecast for global oil demand for this year, adding pressure to prices. It was not a small revision, either: at 378,000 bpd it beats both OPEC’s and the International Energy Agency’s downward demand outlook revisions.

At the time of writing, Brent crude was trading at $59.33 a barrel, with West Texas Intermediate at 54.39 a barrel both up by more than a percentage point from yesterday’s close. The international benchmark has hit a seven-day streak of gains, propped up by reports that suggest the coronavirus epidemic may have begun to ebb away.

Yesterday, an announcement of U.S. sanctions against the trading arm of Russia’s Rosneft for its business ties to Venezuela also helped oil prices. Yet the situation remains precarious: any news of more production anywhere in the world could depress the benchmarks again.

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