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Oil falls after U.S. gasoline inventories unexpectedly surge

CommoditiesApr 07, 2021 10:25PM ET

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Oil falls after U.S. gasoline inventories unexpectedly surge

© Reuters. FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub

TOKYO (Reuters) - Oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the resource at a time when supplies around the world are rising.

Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 0136 GMT. U.S. oil fell 38 cents, or 0.6%, to $59.39 a barrel.

While crude stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the Department of Energy said on Wednesday.

Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, while gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season. [EIA/S]

"Refiners may want to pull back on the run rate a bit to keep gasoline storage from challenging the all-time record," said Bob Yawger, director of energy futures at Mizuho Securities.

At the same time, supply is rising across the world with Russian output increasing from average March levels in the first few days of April, traders said.

Iran may see some sanctions lifted and add to global supplies, with the U.S. and other powers holding talks on reviving a nuclear deal that almost stopped Iranian oil from coming to market.

Still, the International Monetary Fund said earlier this week that the massive public spending deployed to combat the COVID-19 pandemic may increase global growth to 6% this year, a rate not achieved since the 1970s.

Higher economic growth would boost demand for oil and its products, helping to reduce stockpiles.

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Comments (3)

Gustavo Lopez Apr 08, 2021 1:27AM ET

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This bots

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CHAD TENDIES Apr 07, 2021 10:52PM ET

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Here comes the next covid wave

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Ankit Jain Apr 07, 2021 10:31PM ET

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u.s we ready time it ticking the covid chart suggest next wave is coming and this time it will be much bigger than that hospital will collapsed . 1 million death on U.S no amount of dollar printing will save you next week you may enter 1.5 lac cases daily be ready and enjoy till last

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Pilot TwoFive Apr 07, 2021 10:31PM ET

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The US elections are over. There will be no second wave

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Pilot TwoFive Apr 07, 2021 10:31PM ET

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Pffff.... The US elections are over. There will be no second covid wave.

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