U.S. crude stockpiles drop, fuel inventories rise
4/7/2021
U.S. crude oil stockpiles fell more than expected last week, while gasoline inventories jumped sharply as refining rates to the highest in over a year, the Energy Information Administration said.
Crude inventories fell by 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts expectations in a Reuters poll for a 1.4 million-barrel drop. Stocks in the Midwest fell to their lowest since March 2020.
U.S. gasoline stocks rose by 4 million barrels in the week to 230.5 million barrels, compared with forecasts for a 221,000-barrel drop. With summer driving season approaching, the expectation is that gasoline inventories will soon start to recede, but that has not happened yet.
NEW YORK The world is still likely “a long way away” from seeing a treaty that would allow Iranian crude oil exports and production to be fully restored,…
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The world is still likely "a long way away" from seeing a treaty that would allow Iranian crude oil exports and production to be fully restored, chief economist for commodities trader Trafigura Group said at a conference on Tuesday.
U.S. crude stockpiles plunge 10 mln bbls to lowest since March -EIA
U.S. crude oil stockpiles fell by nearly 10 million barrels last week to their lowest since March, the Energy Information Administration said on Wednesday.
The unexpected 9.9 million-barrel fall, the biggest draw since July, reduced crude inventories to 476.7 million barrels, according to EIA figures. Analysts expectations in a Reuters poll were for a 430,000-barrel rise.
The decline was the result of a sharp falloff in imports and a 2.3 million-barrel drawdown in stocks at the Cushing, Oklahoma, delivery hub for crude futures.
Net U.S. crude imports fell by 2.1 million barrels per day, the EIA said.