Surprise Crude Build Fails To Derail The Oil Rally
Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11.
This compares with a
In gasoline, the EIA estimated an inventory decline of 1.3 million barrels for the week to February 11, which compared with a draw of 1.6 million barrels for the previous week.
Gasoline production last week averaged 8.8 million barrels daily, which compared with 9.4 million bpd a week earlier.
In middle distillates, the EIA estimated an inventory draw of 1.6 million barrels for the week to February 11, which compared with a modest draw of 900,000 bpd for the previous week.
Middle distillate production last week averaged 4.6 million barrels daily, which compared with 4.7 million bpd a week earlier.
Refineries processed 14.9 million bpd of crude oil last week, down from 15.6 million bpd for the previous week. Imports stood at 5.8 million bpd, compared with 6.4 million bpd a week earlier.
At the time of writing
The situation in Ukraine has given oil a huge boost in the past couple of weeks as tension escalated in the form of constant warnings that a Russian invasion of Ukraine was imminent.
The news of the troop moves served to quench some of the concern although the U.S., the UK, and NATO have all demanded to see all troops removed before they calm down.
By Irina Slav for Oilprice.com
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