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Middle Distillates

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energy2 years ago•1 min saved

Oil Inventories Decline, Gasoline Stocks Surge

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.

via OilPrice.com|

#crude-oil-prices #energy #gasoline-inventories

energy2 years ago•1 min saved

Oil Prices Rise on Inventory Drawdowns

Oil prices rose after the Energy Information Administration reported a crude oil inventory draw of 3.7 million barrels for the week to March 31. OPEC+ deciding to reduce oil production by another million barrels daily also pushed prices higher. The EIA also reported an inventory decline in gasoline and middle distillate inventories for the last week of March. However, benchmarks stabilized as analysts questioned the immediate future of oil demand due to the cooling rate of post-pandemic recovery in China and the United States.

via OilPrice.com|

#energy #gasoline #inventory-draw