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Oil Inventories Soared by 19.25M Barrels Last Week: EIA

Commodities Apr 15, 2020 11:21AM ET
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By Kim Khan 

Investing.com - Stockpiles of U.S. crude posted another huge build last week, the Energy Information Administration reported Wednesday, as demand destruction from the Covid-19 pandemic continued. 

Oil inventories jumped by 19.25 million barrels for the week ended April 3, the EIA said. That compared with expectations for a build of about 11.7 million barrels, according to forecasts compiled by Investing.com.

That brings the rise in inventories to nearly 50 million barrels in three weeks.

WTI futures fell 2.4%. They were down around 0.6% before the report arrived, having earlier posted a new low for 2020 of $19.21 a barrel.

“Four weeks into the U.S. lockdown, the crude builds are as horrible as they can be, and the worst thing is we aren’t by any stretch done with these sorts of builds,” Investing.com analyst Barani Krishnan said. “We have 65% more crude than we expected and 300% more diesel than we thought, although the gasoline build came in 25% less than expected, as a consolation.”

Gasoline inventories rose by 4.9 million barrels, versus forecasts for a rise of about 6.4 million barrels. Distillate stockpiles climbed by 6.3 million barrels, compared with expectations for a build of about 1.4 million barrels.

The Cushing build was nearly 6 million barrels, but exports actually rose by 600,000 barrels on the week, which is probably a flux in data that will get sorted out in the coming weeks, Krishnan said.

“Refining activity itself is under 70% of capacity, when we normally have more than 90% this time of year,” he added. “Crude production hasn’t fallen off the cliff yet at 12.3 million barrels daily, though we could see more of that happening from all the headlines about capex cuts by drillers and the slump in the rig count.”

Global oil demand is likely to drop by a record 9.3 million barrels per day in 2020, the International Energy Agency said earlier today. 

Demand in April is estimated to be 29 million barrels a day lower than a year ago, down to a level last seen in 1995, the IEA said in its monthly Oil Market Report, while demand in the second quarter of this year is expected to be 23.1 million barrels a day below year-ago levels.

Oil Inventories Soared by 19.25M Barrels Last Week: EIA
 

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Comments (11)
Peter Hagara
Peter Hagara Apr 15, 2020 12:06PM ET
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Guys, you can have the teens, however you cant go under 18 - you know it, right? :D
Muthanna Akram
Muthanna Akram Apr 15, 2020 12:06PM ET
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you are horrible
Kilo Byte
Kilo Byte Apr 15, 2020 12:06PM ET
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Why don't you have a seat over here.
Dragutin Knezevic
Dragutin Knezevic Apr 15, 2020 11:39AM ET
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Strong bulls 18.5$ !!!
mike frykberg
mike frykberg Apr 15, 2020 11:36AM ET
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it will not be a single country that makes the decision, in the end it will all boil down to were do you store it. at that point , the boys will start shutting in. And then we will see who the strong are, production costs already to high for some to survive or continue pumping , add to that cost of shutting wells, and then costs of re opening. Oil companies are not in control right now , global coronavirus is.
Francesco Lucchesi
Francesco Lucchesi Apr 15, 2020 11:09AM ET
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first @15 then @10 dollars. let these awful shale producers go bust.
Modern Cellular
Modern Cellular Apr 15, 2020 11:09AM ET
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15 and 10 imposibble
Bia Pac
Bia Pac Apr 15, 2020 11:09AM ET
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Peter Hagara
Peter Hagara Apr 15, 2020 11:09AM ET
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Bia Pac  it is a commodity.. not a paper stock - it cant be worthless
Thang Hoang Anh
Thang Hoang Anh Apr 15, 2020 11:09AM ET
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@15 is *****small chance @10 not happening
Joe Makoto
Joe Makoto Apr 15, 2020 11:08AM ET
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up up up already priced in. Fed is buying everything.
Bia Pac
Bia Pac Apr 15, 2020 11:08AM ET
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Dont think oil... Maybe oil companies
Bia Pac
Bia Pac Apr 15, 2020 10:57AM ET
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What will happen to the price after the roll over? Anybody can answer?
Leandro Balmaceda
Leandro Balmaceda Apr 15, 2020 10:57AM ET
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I think they will have to agree on new cuts. That will dump the price even more.
Bia Pac
Bia Pac Apr 15, 2020 10:57AM ET
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Leandro Balmaceda  I mean the effect of the rollover on the WTI price. Do you know?
Andrew carson
Andrew carson Apr 15, 2020 10:55AM ET
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No cuts last week....
Thom Miller
Thom Miller Apr 15, 2020 10:53AM ET
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And yesterday in the Rose Garden Trump said he helped broker a “beautiful” oil deal....”the greatest oil deal ever in history.” Once again, he botches everything he touches...
Paul Ferguson
Paul Ferguson Apr 15, 2020 10:53AM ET
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please explain yourself!! With facts please.
Snoop Dog
Snoop Dog Apr 15, 2020 10:53AM ET
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It still is a good deal. Just not enough production cuts. Maybe this data will force them to re-evalute.
Proble Matic
Proble Matic Apr 15, 2020 10:53AM ET
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He has been an embarrassment all along.
Klebson Braga
Klebson Braga Apr 15, 2020 10:51AM ET
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Brasil
Bia Pac
Bia Pac Apr 15, 2020 10:44AM ET
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I see some strong bulls in area 19.. I wonder what moves their bets
Show previous replies (4)
Bia Pac
Bia Pac Apr 15, 2020 10:44AM ET
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Snoop Dog  Can it be some pump and dump strategy?
Armando Villarreal
Armando Villarreal Apr 15, 2020 10:44AM ET
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Bia Pac  We have to consider inflation from 95 to 2020 $14 in 95 are 23.76 in 2020
Bia Pac
Bia Pac Apr 15, 2020 10:44AM ET
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Armando Villarreal  what's the calculation you made?
Peter Hagara
Peter Hagara Apr 15, 2020 10:44AM ET
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Bia Pac  Yes, and how much were wages in 95? When it will be highly unprofitable, they will shut it and wait.
Armando Villarreal
Armando Villarreal Apr 15, 2020 10:44AM ET
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Bia Pac  According to the Bureau of Labor Statistics consumer price index, today's prices in 2020 are 69.74% higher than average prices since 1995. The U.S. dollar experienced an average inflation rate of 2.14% per year during this period, meaning the real value of a dollar decreased. In other words, $14 in 1995 is equivalent in purchasing power to about $23.76 in 2020.
 
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