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Oil Stockpiles Edged Up 90,000 Barrels Last Week: EIA

CommoditiesApr 28, 2021 10:33AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. oil stockpiles rose less than expected in the latest week, the Energy Information Administration said on Wednesday.

Crude oil inventories edged higher by 90,000 barrels last week, compared with analysts' expectations for a build of 659,000 barrels.

Distillate stockpiles, which include diesel and heating oil, fell 3.342 million barrels in the week against expectations for a draw of 648,000 barrels, the EIA data showed.

Refinery crude runs were 253,000 barrels. The weekly refinery utilization rate rose 0.4%, according to the EIA report.

Gasoline inventories rose by 92,000 barrels last week the EIA said, compared with expectations for a build of 508,000 barrels.

“This is another dataset that should bring some cheer to the bulls in the market, as you can see from the way both WTI and Brent have moved up,” said Investing.com analyst Barani Krishnan. “This U.S. narrative will strengthen the conviction of longs in the market, as the market warms to Goldman Sachs’s bullish-to-the-marrow call for $80 oil amid lingering concerns about Indian and Japanese demand.”

Krishnan said there appeared to be little oil flowing out of the Permian, the premier U.S. shale basin, compared to a year ago.

“That’s partly what’s helping the oil bulls for now,” he said. “Undoubtedly, U.S. production will grow at these prices but it’s doing so at a much slower rate than thought, and that’s incentivizing those who are long the market.”

“The proof of the pudding is in the EIA’s downward revision of production by 100,000 barrels per day for last week to below the key 11 million bpd mark. That’s a verdict on the Permian.”

 

Oil Stockpiles Edged Up 90,000 Barrels Last Week: EIA
 

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Comments (3)
Fawad Khan
Fawad Khan Apr 28, 2021 11:05AM ET
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ALLAH is all that'sknowm.
shahrukhabrar abrar
shahrukhabrar abrar Apr 28, 2021 11:05AM ET
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Absolutely right
vince smith
vince smith Apr 28, 2021 11:05AM ET
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From politics to religion, keep it out of the financial comments. go to Allah.com to make your religious points
said Fentazi
said Fentazi Apr 28, 2021 10:39AM ET
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Down
Siva Prasad
Siva Prasad Apr 28, 2021 10:37AM ET
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What will result go down or goes up
George Abdelnour
George Abdelnour Apr 28, 2021 10:37AM ET
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