• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 17 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Stabilizes on Small Crude Draw

Refinery

Crude oil prices recovered lost territory today after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3.

This compared with a build of 7.3 million barrels estimated for the previous week that pressured prices last week.

On Tuesday, the American Petroleum Institute estimated crude oil inventories had added a modest half a million barrels in the week to May 3.

The EIA, for its part, also reported small inventory builds in gasoline and middle distillate inventories for the period.

In gasoline, the authority estimated an inventory increase of 900,000 barrels for the week to May 3, with production averaging 9.5 million barrels daily.

This compared with an inventory increase of a modest 300,000 barrels for the previous week, when production averaged 9.4 million barrels daily.

In middle distillates, the EIA reported an inventory build of 600,000 barrels for the week to May 3, with average production at 4.8 million barrels daily.

This compared with a minor inventory draw of 700,000 barrels for the prior week, with production at the time averaging 4.5 million barrels daily.

Oil prices meanwhile deflated further as traders brushed off Middle East war risk and the AP reported its inventory build estimate. The EIA’s latest Short-Term Energy Outlook also contributed to the bearishness.

In the report, the EIA revised its oil demand forecast for the year down, now expecting global demand to grow by 920,000 bpd this year to 102.84 million barrels daily. That’s down from a forecast for growth of 950,000 bpd in last month’s edition of the report.

In supply, the EIA upped its growth forecast to 920,000 bpd from 850,000 bpd. None of this seems likely to come from OPEC+ as the cartel prepares for its next meeting in June when most observers expect it would extend its voluntary production cuts, possibly until the end of the year.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News