empty
01.07.2022 11:26 AM
Prices slump despite falling crude oil inventories

This image is no longer relevant

Two days ago, the US Energy Information Administration reported that crude oil inventories fell by 2.8 million barrels over the week. Nevertheless, oil prices tumbled.

This image is no longer relevant

Earlier, the American Petroleum Institute announced that crude oil inventories had dropped by 3.8 million barrels for the week after reporting the biggest increase in oil stocks since February. It stood at 5.6 million barrels.

The EIA also reported an increase in fuel.According to the EIA, gasoline stocks rose by 2.6 million barrels in the week. This was great news for the US motorists.Gasoline production averaged 9.5m barrels last week, up from the previous week for which the EIA has yet to provide data. The EIA estimated the week's middle distillate inventory had rose by 2.6 million barrels. It was noted that this was about 20% lower than the five-year average for this time of year.Middle distillate production averaged 5.1m barrels a day last week, down from a week earlier, according to the EIA. Fuel supplies in the US remain lower than usual despite record high prices. Because of this, Biden announced last week a four-point plan to cut retail prices.The plan submitted to Congress proposes a three-month suspension of the federal fuel tax and calls on states to suspend state fuel taxes. Earlier this month, the president also urged the oil industry to use its profits to increase refining capacity and retail petrol station owners to pass on the price of electricity to consumers.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

The Market Taken Hostage

Will the White House cross the Rubicon by initiating the dismissal of Jerome Powell from his position as Chair of the Federal Reserve? That would deal another blow to financial

Marek Petkovich 09:16 2025-04-18 UTC+2

Why Are Markets Frozen and What Are They Waiting For? (There is a possibility of continued Bitcoin and Ethereum consolidation in sideways ranges)

Today is Good Friday, a day Christians observe worldwide across all denominations. Market activity has noticeably decreased ahead of the Easter holiday, but this isn't the main reason for market

Pati Gani 09:00 2025-04-18 UTC+2

What to Pay Attention to on April 18? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday—not in the US, the Eurozone, Germany, or the UK. Therefore, even if the market were paying any attention to the macroeconomic backdrop

Paolo Greco 06:51 2025-04-18 UTC+2

GBP/USD Overview – April 18. Powell's Speech: Nothing Positive for the Dollar

The GBP/USD currency pair continued to trade relatively calmly on Thursday, showing only a minimal downward bias. We still can't classify the current movement as a "pullback" or "correction."

Paolo Greco 03:48 2025-04-18 UTC+2

EUR/USD Overview – April 18: The ECB Predictably Cut Rates, and the Market Predictably Ignored It

The EUR/USD currency pair spent most of the day moving sideways. When the European Central Bank meeting results were released, the market saw a small emotional reaction, but nothing fundamentally

Paolo Greco 03:48 2025-04-18 UTC+2

The Dollar Undid Everything Itself

He meant well, but it turned out the usual way. Donald Trump firmly believes that tariffs can replace income tax, generate massive revenue for the budget, and bring about

Marek Petkovich 03:39 2025-04-18 UTC+2

XAU/USD: Analysis and Forecast

Gold is undergoing a corrective pullback today as traders take profits following its recent surge to a new all-time high. This decline, although moderate, is driven by several factors, including

Irina Yanina 12:00 2025-04-17 UTC+2

EUR/USD: Analysis and Forecast

regarding upcoming changes in monetary policy from both the European Central Bank (ECB) and the U.S. Federal Reserve (Fed). Anticipation of a 25 basis point rate cut by the ECB—its

Irina Yanina 11:55 2025-04-17 UTC+2

Is the Euro Ready for Another Rate Cut?

We'll find out very soon whether the euro is once again prepared for the European Central Bank (ECB) to continue easing monetary policy. Today, the ECB is expected to lower

Jakub Novak 11:38 2025-04-17 UTC+2

Powell Sees a More Restrictive Fed Policy This Year

The euro showed little reaction, while the pound slipped slightly against the U.S. dollar following yesterday's speech by Federal Reserve Chairman Jerome Powell. According to Powell, the Fed is currently

Jakub Novak 11:34 2025-04-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.