• 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
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"

Oil Prices Continue To Slip Even As Crude Oil Inventories Decline

Crude oil inventories in the United fell this week by 3.939 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 1 million barrel draw.

The total number of barrels of crude oil gained so far this year is still more than 34 million barrels.

This week, SPR inventory dropped for the fifth week in a row, losing 2 million barrels for the week to reach 364.9 million barrels—the lowest amount of crude oil in the SPR since October 1983.

U.S. crude oil production fell 100,000 bpd during the week ending April 21, to 12.2 million bpd. U.S. production is now 900,000 bpd lower than the peak production seen in March 2020, but 300,000 bpd higher than this time last year.

The price of WTI was trading down sharply on Tuesday in the run-up to the data release, below $72 per barrel on renewed market fears over unremarkable industrial data out of China and the possibility that the Feds could hike rates again later this week—both factors could have an impact on global oil demand.

Brent crude was also trading down on the day.

By 3:30 p.m. EST, WTI was trading down $3.95 (-5.22%) on the day at $71.71 per barrel, a loss of about $5.40 per barrel on the week. Brent crude was trading down $3.93 (-4.96%) on the day at $75.38—down roughly $5.40 per barrel from this same time last week.

WTI was trading at $71.62 shortly after the data release.

Gasoline inventories rose by 400,000 barrels after falling in the week prior by 1.919 million barrels. Distillate inventories fell by 1 million barrels after increasing by 1.693 million barrels in the week prior.


Inventories at Cushing, Oklahoma, increased by 700,000 barrels—after rising by 465,000 barrels last week.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on May 03 2023 said:
    This is due to the persistent fears of a collapse of more American commercial banks precipitating a global banking or financial crisis reminiscent of the 2008 subprime financial crisis.

    Until these fears subside, crude oil prices will continue under pressure. Even the hugely bullish China factor finds it very difficult to cope with such threats to the global economy and the global banking system.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • Mike Lewicki on May 02 2023 said:
    sensationalizing always

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