The Energy Information Administration (EIA) reported a larger-than-expected U.S. crude oil inventory build of 7.3 MMbbl for the week ended April 26. This marks the fifth build in the last six weeks and the largest increase since February, leading to a significant drop in prompt crude prices, down nearly $3/bbl on Wednesday. Both West Texas Intermediate (WTI) and Brent crude settled near a seven-week low following the news. U.S. crude oil inventories (see graphic below) currently stand about 3% below the five-year average for this time of year.
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U.S. Propane Stocks Show Small Draw in Week Ended March 29
U.S. propane stocks show small draw in week ended March 29
- Blog
The Rise and Fall of Crude Supply - Shale Crude Production, Inventories and Imports
It looks like a combination of shale crude oil production and inventory drawdowns have been backing out crude oil imports over the past two months. Gulf Coast refineries are leading the way to crank up utilization, increase diesel exports and pull crude oil inventories down from the stratosphere. A lot of this activity seems to be bypassing Cushing. Meanwhile the Gulf Coast is at the center of two big events this week – a tropical storm and a huge refinery fire. Today we continue our analysis of crude inventories.
- Blog
Slow Down - Combination of Factors Pull U.S. Crude Oil Exports Back From Record Highs
The U.S. has become an oil-exporting powerhouse in recent years, propelled by booming shale production, notably from the Permian Basin. U.S. crude oil now flows more freely than ever to help meet global demand, including to Europe, which increasingly turned to the U.S. following Russia’s invasion of Ukraine two-plus years ago, but exports have slowed recently. In today’s RBN blog, we examine a half-dozen reasons why the export surge has tapered off and why it may not change much in the weeks ahead.
