All articles tagged with #gasoline 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 prices rebounded as the U.S. Energy Information Administration reported a 4.3 million barrel draw in inventories for the week to December 8. However, builds in gasoline and middle distillate inventories limited the price increase. Oil prices have been on a losing streak due to ample supply and projected growth in U.S. output next year. The EIA revised down its forecast for Brent crude prices in 2024, citing concerns about global oil demand growth.
Crude oil prices, including Brent crude and West Texas Intermediate, dropped nearly 4% due to concerns over lagging demand and an unexpected increase in US gasoline inventories. The prices reflect the lowest levels since June this year, with US benchmark oil prices down almost 20% in the fourth quarter. The focus remains on US production, which continues to compete with OPEC+ for market price influence. Weak economic data from China also suggests weak demand, further weighing on crude prices.
Oil prices dropped by 4% and reached their lowest levels since June due to concerns over fuel demand, exacerbated by a larger-than-expected rise in U.S. gasoline inventories. Brent crude fell below $75 a barrel for the first time since July, while U.S. crude dipped below $70 for the first time since July. The drop in prices was also influenced by worries about China's economic health and a wider trade deficit in the U.S. In addition, Russian President Vladimir Putin traveled to the UAE and Saudi Arabia to discuss oil and OPEC+.
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.
The American Petroleum Institute (API) reported a significant build of 12.940 million barrels in U.S. crude inventories, causing oil prices to drop. Gasoline inventories rose, while distillate inventories fell. The Strategic Petroleum Reserve (SPR) remained at a near 40-year low, with total purchases under the Biden Administration's buyback program being less than 4 million barrels. Cushing inventories decreased, and oil prices were trading down ahead of the API data release.
U.S. crude inventories experienced a significant draw of 4.210 million barrels, according to the American Petroleum Institute (API), surpassing analysts' expectations of a modest draw. Gasoline inventories rose by 3.946 million barrels, while distillate inventories increased by 349,000 barrels. Oil prices were trading higher ahead of the API data release, with Brent at $91.19 and WTI at $89.55. Cushing inventories rose by 705,000 barrels, leaving about 22 million barrels in Cushing.
The American Petroleum Institute (API) reported a surprise draw of 11.486 million barrels in U.S. crude inventories, compared to expectations of a 2.9 million barrel draw. This unexpected decline, along with China's economic activity, has led to an increase in oil prices. Gasoline inventories saw a build, while distillate inventories fell. The Strategic Petroleum Reserve (SPR) also saw a slight increase, but remains at a near 40-year low.
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.
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.
Crude oil prices fell further after the Energy Information Administration reported an inventory build of 3 million barrels for the week to May 5, compared with an inventory draw of 1.3 million barrels estimated for the previous week. Gasoline inventories shed 3.2 million barrels in the period, with production averaging 9.8 million barrels daily. A slowdown in both gasoline and diesel demand has fueled concern about future oil demand in the world’s largest economy. The Department of Energy provided some support for prices with an update from Energy Secretary Granholm, who said the department still planned to begin refilling the strategic petroleum reserve later this year.
US crude oil inventories unexpectedly rose by 3.618 million barrels, while gasoline inventories rose by 399,000 barrels and distillate inventories fell by 3.945 million barrels. US crude oil production rose by 100,000 bpd to 12.3 million bpd. Despite the surprise inventory build, the price of WTI and Brent crude oil were both trading up on Tuesday.
Crude oil prices rose after the Energy Information Administration reported a larger than expected inventory draw of 5.1 million barrels for the week to April 21, along with a decline in gasoline inventories and a smaller draw in middle distillate inventories. Refineries in the United States processed an average 15.8 million barrels daily last week, operating at 91.3% of capacity. However, concerns about demand remain due to Treasury Secretary Janet Yellen's call on Congress to raise or suspend the debt ceiling to avoid an "economic catastrophe."