Forex News

Oil Prices Gained for Three Days in a Row, Despite Inventory Build


The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks soared +5.97 mmb to 1191.55 mmb in the week ended April 6. Crude oil inventory gained +3.31 mmb to 428.64 mmb, amidst increases in 4 out of 5 PADDs. Stockpile in PADD 3 alone added +2.63 mmb for the week. Cushing stock added +1.13 mmb to 36.02 mmb. Utilization rate increased +0.5% to 93.5%. Meanwhile, crude production increased +0.62M bpd to 10.53M bpd for the week.

For refined oil products, gasoline inventory added +0.19 mmb to 238.94 mmb although demand increased +0.76% to 9.27M bpd. Production rose +0.35% to 10.15M bpd while imports plunged -13.93% to 0.66M bpd during the week. Distillate inventory reduced -0.81 mmb to 128.45 mmb as demand soared +7.28% to 4.17M bpd. Production added +4.79% to 5.26M bpd while imports jumped +26.3% to 0.13M bpd during the week.

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