Massive Oil Product Build Sends Prices Lower | OilPrice.com

Massive Oil Product Build Sends Prices Lower | OilPrice.com:

A day after the API’s crude oil inventory report pressured prices, the EIA relieved some of the pressure by reporting an inventory draw of 2.5 million barrels for the week to January 10.

Analysts had expected the authority to report an inventory decline of 750,000 barrels for the period. A week earlier, the EIA estimated inventories had added 1.2 million barrels, after for the last week of 2019 it reported an inventory decline of 11.5 million barrels.

In gasoline the EIA reported an inventory rise of 6.7 million barrels, adding to a build of 9.1 million barrels a week earlier. Production last week averaged 9.3 million bpd, up from 8.9 million bpd for the previous week.

For distillate fuels, the authority reported an inventory increase of 8.2 million barrels for the week to January 10, compared with an increase of 5.3 million barrels for the prior week. Production of distillate fuel amounted to 5.2 million bpd last week, versus 5.3 million bpd a week earlier.