All articles tagged with #crude oil inventories
Oil prices fell after the American Petroleum Institute (API) reported unexpected increases in U.S. crude and product inventories, contrary to analyst expectations of a draw. The Department of Energy also noted a rise in the Strategic Petroleum Reserve. Market unease over OPEC+'s production plans contributed to the price drop, with Brent crude and U.S. benchmark WTI both down nearly $6 per barrel from the previous week.
Crude oil inventories in the United States rose by 594,000 barrels, contrary to expectations of a draw, leading to lower oil prices. Gasoline inventories increased by 2.83 million barrels, while distillate inventories rose by 890,000 barrels. Cushing inventories saw the largest increase, rising by 4.28 million barrels. The disappointing OPEC+ decision to extend production cuts also contributed to the decline in oil prices.
Crude oil inventories in the United States increased by 9.05 million barrels, surpassing analysts' expectations, while gasoline and diesel inventories decreased. The Strategic Petroleum Reserve (SPR) remained unchanged for the seventh consecutive week, with total purchases under the Biden Administration's buyback program falling below 4 million barrels. Oil prices dipped slightly ahead of the data release.
Crude oil inventories in the United States experienced an unexpected drop of 15.4 million barrels, the largest single-week decline in years, according to the American Petroleum Institute (API). This comes after analysts were expecting a draw of 900,000 barrels. Gasoline inventories also saw a decrease, falling by 1.68 million barrels. The price of WTI and Brent crude oil was trading down ahead of the data release. Crude oil production in the United States remained flat at 12.2 million bpd, while inventories at Cushing, Oklahoma, fell by 1.76 million barrels.
Oil prices rebounded as traders refocused on signs of supply tightness, with Brent crude trading above $83 per barrel and West Texas Intermediate close to $80 per barrel. Prices had dipped on Wednesday after the Energy Information Administration reported modest draws in crude oil and fuel inventories, and the Federal Reserve announced another interest rate hike. Analysts expect higher prices due to resilient demand, OPEC+ production controls, and a decline in the U.S. rig count. Saudi Arabia may extend voluntary production cuts if prices don't rise substantially.
Crude oil inventories in the US unexpectedly rose by 1.319 million barrels, while gasoline inventories saw a draw of 1.043 million barrels. The Strategic Petroleum Reserve remains at a 40-year low. Despite the crude build, oil prices for WTI and Brent were trading up, with WTI at $79.59 per barrel and Brent at $83.61 per barrel. US crude oil production remained stagnant at 12.3 million bpd, and inventories at Cushing, Oklahoma, fell by 2.34 million barrels.
U.S. crude oil inventories increased by 3.026 million barrels, surpassing expectations, while gasoline inventories rose by 1.004 million barrels and distillate inventories increased by 2.908 million barrels. Crude oil production in the United States reached 12.4 million bpd, and inventories at Cushing, Oklahoma, fell by 2.150 barrels. The Department of Energy sold another 400,000 barrels of crude from the Strategic Petroleum Reserve, leading to a new 40-year low in stockpiles. The oil price rally continued, with WTI trading at $74.90 per barrel and Brent crude at $79.47.
Oil prices rose due to slowing inflation in the US and China's efforts to boost its economy. The market is waiting for the Federal Reserve's interest rate decision and the weekly report on US oil inventories. The US benchmark, WTI Crude, was up by 1.12% at $70.20, and the international benchmark, Brent Crude, was trading at $75.20, up by 1.22% on the day. The higher chances of a Fed pause in rates could raise the chances of a soft landing of the US economy later this year.
Oil prices rose slightly in Friday morning trading in Asia, but remain on track for a third consecutive week of losses due to a weakening U.S. economy and elusive demand from China. Brent crude lost 8.5% and West Texas Intermediate lost over 10% for the week. The Fed's interest rate hike and concerns over slowing economic growth and U.S. bank failures are also impacting oil prices. Analysts are anticipating the third drawdown in a row in next week's U.S. crude oil inventory data, which could potentially boost oil prices.
Crude oil inventories in the US fell by 3.939 million barrels, according to the American Petroleum Institute, but oil prices continued to slip due to concerns over unremarkable industrial data from China and the possibility of the Fed hiking rates. WTI was trading down $3.95 (-5.22%) on the day at $71.71 per barrel, while Brent crude was trading down $3.93 (-4.96%) on the day at $75.38.
Oil prices fell due to renewed concerns about the US banking sector after California-based lender First Republic lost 40% of its deposits in the first quarter. A stronger US dollar also weighed on oil prices. US consumer confidence declined in April for the third time in four months. The oil market has already seen a fair amount of weakness over the last week as falling refinery margins raised concern about demand.
Crude oil inventories in the United States fell by 6.083 million barrels, according to the American Petroleum Institute (API) data. However, oil prices remained unmoved, with WTI trading down at $77.09 per barrel and Brent crude trading down at $80.71 per barrel. Gasoline inventories fell, while distillate inventories rose. U.S. crude oil production held steady at 12.3 million bpd, and inventories at Cushing, Oklahoma, increased by 465,000 barrels.
Crude oil inventories in the US fell by 4.346 million barrels, while gasoline inventories fell by 3.970 million barrels. WTI oil prices traded up on Tuesday, supported by OPEC+’s surprise production cut that will start in May. Brent crude was trading down slightly on the day, although up on the week. U.S. crude oil production fell to 12.2 million bpd for the week ending March 24.
Crude oil prices rose after the US Energy Information Administration reported a weekly build in crude oil inventories of 1.1 million barrels, compared with a build of 1.6 million barrels for the previous week. However, the authority also reported major draws in fuel inventories for the week to 17 March, with both gasoline and distillate fuel stocks down. US crude oil stocks stood at 481.2 million barrels at the end of last week, which was about 8% above the five-year average for this time of the year.