Connect with us

Hi, what are you looking for?

Commodities & Futures

Crude Stockpile Fell By 3.52 Million Barrels Last Week: EIA

Commodities10 minutes ago (Apr 07, 2021 11:00AM ET)

(C) Reuters.

By Liz Moyer

Investing.com — U.S. oil stockpiles fell more than expected in the latest week, the Energy Information Administration said on Wednesday.

Crude inventories declined 3.522 million barrels last week, compared with analysts’ expectations for a draw of 1.436 million barrels.

Distillate stockpiles, which include diesel and heating oil, rose 1.452 million barrels in the week against expectations for a build of 486,000 barrels, the EIA data showed.

Refinery crude runs were 103,000 barrels. The weekly refinery utilization rate grew by 0.1%, according to the EIA report.

Gasoline inventories rose 4.044 million barrels last week the EIA said, compared with expectations for a draw of 221,000 barrels.

“The volatility in U.S. inventory numbers have gone back to staggering levels, reflecting the spring season of tepid fuel demand,” said Investing.com analyst Barani Krishnan. “Thus, we have both crude and gasoline builds that have come in three to four times higher than the previous week and blowing out all conservative estimates. The distillates number is another surprise, expanding at about half of the previous week’s level while coming in nearly three times to forecast. If you talk about striking contrasts, it doesn’t end there. Production is back down, inexplicably to 10.9 million barrels per day or 200,000 bpd below the previous week’s numbers. Exports have roared, meanwhile, to nearly 3.5 million barrels daily from the previous week’s number of below 3.2 million. It’s going to be a very interesting spring, at least from the viewpoint of weekly EIA numbers.”

Crude Stockpile Fell By 3.52 Million Barrels Last Week: EIA

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved