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Breaking: Oil Inventories Jumped by 15.2M Barrels Last Week: EIA

Published 04/08/2020, 10:32 AM
Updated 04/08/2020, 10:33 AM
© Reuters.

© Reuters.

By Kim Khan 

Investing.com - Stockpiles of U.S. crude climbed more than expected again last week, the Energy Information Administration reported Wednesday, as demand destruction from the Covid-19 pandemic continued.

Oil inventories rose by 15.2 million barrels for the week ended April 3, the EIA said. That compared with expectations for a build of about 9.3 million barrels, according to forecasts compiled by Investing.com.

Gasoline inventories soared by 10.5 million barrels, versus forecasts for a rise of about 4.3 million barrels. Distillate stockpiles rose by 476,000 barrels, compared with expectations for a build of about 1.45 million barrels. Refinery usage rates fell by 6.7% on the week, after a 5% drop last week. Forecasts had been for a decline of only 2.5%.

WTI futures climbed 5.1%. They were up about 4.2% before the report arrived.

Latest comments

The price will just be fixed by the gov like it is in the rest of the world, they are going to need to get a ton oc money from somewhere to pay for all the financial markets givaway program.
They will have to sell petrol for free if this continues.
The inventory numbers keep going up the price will go down, and because with low demand the price will go down and at some point the have to sell because storage costs will keep adding up
Will USD rise as a result of the increased inventory?
how does this affect the USD?
  so having high inventories is bd?
Beerish for the dollar, they don't have the money to buy oil so the inventory is stock up, no money to buy oil because it's all *****in Covid. No oil in the economy makes it bad for the economy, explains the beerish dollar signal
 thank you
Its high because they start to hoard oil, with hope that it would goes up as negotiation successful.
there's is no consumption that's why it's going up and oil prices will go down continuously if theworld remains quarantined.
could'en happin to a better bunch glad to see oil come down where it should have been the last 20 years!
should the price go down since supply increased
Give it time
could Stockpiles really climb more then expected? It sounds as if there was no planning for stock and purchase orders processed long time ahead
I want to know what would happen, if everyone had an electric vehicle
not in 20 years
coulden happin to a better bunch!!!
I want to know what would happen to crudeoil price after the inventory report. please some one explain it to me
If the inventory numbers keep going up the price will go down, and most likely with low demand the price will go down because at some point the have to sell because storage costs will keep adding up
is it climbed BY or climbed TO that many barrels?
So what is the point of investing.com crude inventory number if this totally ignores it.  smh
This isn't a surprise. Whyyyyyyyyyyy is WTI increasing?
Because this was expected. Wouldn't think it will hold though.
Just wait for the correction. It happens sometimes almost one hour after the release of the report.
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