• 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
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Bad news for e-cars keeps coming

Surprise Crude Build Pushes Oil Prices Down

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16.

Analysts had predicted a draw of 2.860 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 3.608 million barrels after analysts had predicted a draw of 2.889-million barrels.

Plains All American tanks at main Cushing area as of April 16.

Oil prices were trading down on the day prior to the data release on demand fears, sparked by a rise in the number of Covid-19 infections in one of the world’s largest oil importer, India. 

At 12:33 p.m. EDT, WTI traded at $62.29, or 1.72% lower on the day but more than $2 per barrel higher than this time last week. Brent crude traded down at $66.33 per barrel or 1.07% down on the day.

With crude oil inventories rising this week, U.S. oil production rebounded to 11.0 million bpd during the week ending April 9, according to the latest data from the Energy Information Administration. Even though the EIA’s prognosis is for a modest increase in U.S. production in May, oil production has hovered in a rather tight band since October of last year.

The API reported a draw in gasoline inventories of 1.617 million barrels for the week ending April 16—after the previous week's 5.565 million barrel build. Analysts had expected a 650,000 barrel build for the week.

Distillate stocks saw an increase in inventories this week of 655,000 barrels for the week, after last week's 3.006-million-barrel decrease.

ADVERTISEMENT

Cushing inventory figures fell by 1.286 million barrels.

Post data release, at 4:37 p.m. EDT, the WTI benchmark was trading at $62.29, while Brent crude was trading at $66.33 per barrel.

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