• 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
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"

Oil Prices Hold Gains Despite Major Crude Inventory Build

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 7.757 million barrels, compared to analyst predictions of a 1.367 million barrel build.

U.S. crude inventories have shed some 72 million barrels since the start of 2021 and about 14 million barrels since the start of 2020.

In the week prior, the API reported a build in crude oil inventories of 1.080 million barrels after analysts had predicted a draw of 1.558 million barrels.

Oil prices were trading sharply up on Tuesday on a number of bullish catalysts that include OPEC's no-frills warning to the EU that it would be nearly impossible to offset sanctioned Russian crude oil, Russia's waning crude oil output so far in April, and Shanghai's lockdown easing even as Covid cases remain at record levels.

WTI was trading up 6.54% at $100.50  per barrel on the day at 3:48 p.m. ET—down $0.30 per barrel on the week. Brent crude was trading up 6.10% on the day at $104.50 per barrel on the day—down $1 per barrel on the week.

U.S. crude oil production rose to 11.8 million bpd for the week ending April 1—the second increase in a row after months of stagnation. Crude production in the United States is still down 1.3 million barrels per day from pre-pandemic times.

This week, the API reported a draw in gasoline inventories at 5.053 million barrels for the week ending April 8—after the previous week's 543,000-barrel draw.

Distillate stocks saw a decrease in inventory of 4.961 million barrels for the week after last week's 593,000 barrel increase.

Cushing saw a 375,000 barrel build this week. Cushing inventories rose to 25.887 million barrels as of April 1, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.

ADVERTISEMENT

At 4:36 pm, ET, WTI was trading at $100.70 (+6.81%), with Brent trading at $104.80 (+6.37%).

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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