Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

U.S. crude inventories down 1.3M barrels last week, fuel stocks mixed

Published 05/03/2023, 10:39 AM
Updated 05/03/2023, 10:47 AM
© Reuters.

Investing.com -- U.S. crude inventories fell by almost 1.3 million barrels last week, declining for a third straight week though far less than the prior week, while gasoline stockpiles actually rose versus expectations for a drop, the U.S. Energy Information Administration, or EIA, reported on Wednesday.

Balances for distillates, meanwhile, fell just a little more than forecast, the EIA said in its Weekly Petroleum Status Report for the week ended April 28.

Analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 1.280 million barrels for the week ended April 28, versus the previous week's draw of 5.054M.

The Biden administration, meanwhile, released 1.3 million barrels from the Strategic Petroleum Reserve, or SPR, last week, the EIA report showed.

On the gasoline inventory front, the EIA reported a build of 1.743M barrels. Analysts had expected the agency to cite a draw of 1.157M barrels instead, after the previous drop of 2.408M barrels for the week to April 14. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With distillate stockpiles, the EIA reported a drop of 1.191M barrels. Analysts had forecast a 1.084M barrel draw, against a decline of 0.576M in the prior week. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships, and fuel for jets.

Latest comments

Maybe Trump will refill the SPR in the 30's to 40's again, after he gets re-elected.
thats cute you think partisan hacks playing a dangerous game of poltics is justice. Thanks for exposing yourself as an intellectualLightweight.
i think its more like gullible naive and ignorant, nonetheless…
It's sad to see our government agencies weaponized against political opponents while the Biden Crime Syndicate crimes are covered up & overlooked.
And you dont bother to mention the 9 million draw from the SPR. These articles are too much.
Read for comprehension: "The Biden administration, meanwhile, released 1.3 million barrels from the Strategic Petroleum Reserve, or SPR, last week, the EIA report showed."
So ; the price will go up or down?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.