- Crude Inventories 🔽4.581 Mbbls
- Gasoline 🔺1.3 Mbbls
- Distillates 🔽400,000 bbls
- Ethanol 🔺7 Mgl
- SBR 🔽1.6 Mbbls
Energy Information Administration report a draw of 4.6 million barrels in crude oil inventories, as opposed to a modest build of 600,000 barrels the previous week. The week before that had witnessed a substantial draw of 3.7 million barrels, as estimated by the EIA. The EIA also estimated mixed changes in inventories for the week ending April 14 in fuels. During that week, gasoline inventories increased by 1.3 million barrels, with an average daily production rate of 9.5 million barrels, as reported by the EIA.
EIA estimated an inventory decline of 0.4 million barrels for the week to April 14, which compared with a draw of 600,000 barrels for the previous week.
Middle distillate production averaged 4.8 million barrels daily last week, which compared with 4.6 million barrels daily for the previous week.
A day before the EIA released its weekly report, the American Petroleum Institute estimated a 2.67-million-barrel draw in crude oil inventories for the week to April 14. The report pushed oil prices higher, but the gains were offset by concern about more rate hikes in the United States that could dampen demand for oil.
At the same time, strong GDP growth and oil refining data from China mitigated any major losses from the rate hike fears, stabilizing crude oil at around $84-85 per barrel for Brent and $80-81 for West Texas Intermediate.