Connect with us

Hi, what are you looking for?

Commodities & Futures

Crude Stockpiles Climbed 594,000 Barrels Last Week: EIA

Commodities39 minutes ago (Apr 21, 2021 11:35AM ET)

(C) Reuters.

By Liz Moyer

Investing.com — Investing.com — U.S. oil stockpiles unexpectedly climbed in the latest week, the Energy Information Administration said on Wednesday.

Crude inventories rose 594,000 barrels last week, compared with analysts’ expectations for a draw of 2.985 million barrels.

Distillate stockpiles, which include diesel and heating oil, dropped 1.074 million barrels in the week against expectations for a draw of 956,000 barrels, the EIA data showed.

“This weekly dataset is certainly poorer compared to the last one although it isn’t shockingly bad in any way,” said Investing.com analyst Barani Krishnan. “The headline number shows without doubt a build of almost 600,000 barrels compared to the draw of nearly 3 million that was expected. It’s also a let down for any bull expecting a continued narrative of draws after the previous week’s 6 million barrel pull. Mind you, this build came despite crude imports falling by nearly half a million barrels a day for the week, or a total of around 3.5 million. That said, the fuel inventory numbers continue to look decent as per expectations, with distillates drawing just about what was thought and gasoline barely registering a build despite the 500,000 additional barrels expected there.”

Refinery crude runs were down 286,000 barrels. The weekly refinery utilization rate was unchanged, according to the EIA report.

Gasoline inventories rose 86,000 barrels last week the EIA said, compared with expectations for a 464,000-barrel build.

“To sum up, it’s volatility to a certain degree if you were to compare the latest dataset with the one prior, though not one that really upsets the apple cart of the oil bull,” Krishnan added. “The real story for oil this week is outside of these numbers: i.e. the near depletion of the global glut in crude amassed during the height of the pandemic last year versus new scares related to oil demand as India and Brazil see runaway infections and deaths from variants of the virus.”

Crude Stockpiles Climbed 594,000 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