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EIA Shows Build in Crude, Draw in SPR

US Crude
  • Crude Inventories up🔺597,000 bbl.
  • Gasoline down 🔽330,000 bbl.
  • Distillates down 🔽606,000 bbl.
  • Ethanol down 🔽292,000 bbl.
  • SBR 🔽1,600,000 bbl.

Energy Information Administration’s report for the week ending April 7th, 2023, it was estimated that there was a modest increase in crude oil inventories of 600,000 barrels compared to the previous week’s inventory draw of 3.7 million barrels. The total inventory level reached 470.5 million barrels, which was approximately 3 percent higher than the five-year seasonal average, as reported by the EIA.

Gasoline stocks last week shed 300,000 barrels, which compared with a draw of 4.1 million barrels for the previous week. According to the report, gasoline production averaged 9.8 million barrels per day (bpd), slightly lower than the 9.9 million bpd produced in the previous week. The EIA also estimated a decline of 600,000 barrels in middle distillate inventories, compared to the previous week’s draw of 3.6 million barrels. Middle distillate production averaged 4.6 million bpd last week, down from the 4.7 million bpd produced in the prior week.

The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results.

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