US crude stockpiles post surprise build as imports jump, EIA says
Crude inventories rose by 244,000 barrels to 443.1 million barrels in the week ended April 18, the EIA said, compared with analysts' expectations in a Reuters poll for a 770,000-barrel draw.
Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), opens new tab fell by 86,000 barrels last week, the EIA said.
Net U.S. crude imports (USOICI=ECI), opens new tab rose by 1.14 million barrels per day to 2 million bpd, the EIA said, the largest weekly increase since November 2024.
Brent crude futures and U.S. West Texas Intermediate crude futures pared some losses after the data, despite the surprise build. The benchmarks were last down around 2% on the day.
Refinery crude runs (USOICR=ECI), opens new tab rose by 325,000 bpd and utilization rates (USOIRU=ECI), opens new tab rose by 1.8 percentage points to 88.1% of total capacity, the EIA said.
Despite some gains in utilization rates, fuel stocks fell by more than expected.
U.S. gasoline stocks (USOILG=ECI), opens new tab fell by 4.5 million barrels in the week to 229.5 million barrels, the EIA said, compared with analysts' expectations for a 1.4 million-barrel draw.
Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, fell by 2.4 million barrels in the week to 106.9 million barrels, the lowest since November 2023. Analysts had forecast a 30,000-barrel drop, the data showed.
"We saw another bullish products inventory decline during build season," said Josh Young, chief investment officer at Bison Interests. "It doesn't seem to reflect potential demand decline from Trump's tariff/trade war, yet."
The four-week average for product supplied of jet fuel rose to 1.86 million bpd, the highest since December 2019.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
17 minutes ago
- Reuters
Pearson sees growth accelerating in the second-half
LONDON, Aug 1 (Reuters) - British education company Pearson (PSON.L), opens new tab said it expected growth to step up in the second half after it reported a 2% rise in both underlying sales and adjusted operating profit for the six months to end-June on Friday. "We are making rapid progress with bringing AI-powered products to market and are scaling and enhancing our enterprise business with a range of new partnerships and deals," Chief Executive Omar Abbosh said. The company had expected low single-digit underlying sales growth in the first half.
Reuters
17 minutes ago
- Reuters
Amazon shares drop after cloud unit results disappoint
LONDON, Aug 1 (Reuters) - Amazon shares (AMZN.O), opens new tab fell 7% on Friday in Europe after the company delivered an upbeat outlook for third-quarter sales, but missed expectations for its cloud computing unit, after its competitors easily beat Wall Street forecasts. Shares in Frankfurt dropped by more than 7% in opening trade. Amazon stock plunged by more than 7% after-hours on Thursday, having ended the regular trading session up 1.7% at $234.11.
BBC News
17 minutes ago
- BBC News
Taiwan to India: The Trump tariffs hitting Asia
Economies in Asia were among those hit hardest by tariffs announced by US President Donald Trump on "Liberation Day" in traditional US allies like Japan to the Asean bloc spanning s across South East Asia, many - particularly export driven economies reliant on the US markets - have been scrambling to strike deals before an 1 August how did they fare in the latest announcements and which economiews were hit the hardest? US allies: South Korea, Japan, Taiwan, Australia America's key allies have fared better than others in the and South Korea, whose cars and semiconductors are essential to US customers , were facing a proposed 25% tariff in April. Both countries also have important military ties with the both countries managed to reduce this to 15% by the end of July, after sending trade delegations to Washington to finalise the 22 July (US time), Trump announced the Japan agreement as he called it as the "largest trade deal in history". The agreement with South Korea was officially unveiled on July - one of the world's largest major semiconductor manufacturers and key US ally - also saw its tariff reduced, from 32% in April to 20%. But it's not yet clear if its chip industry will face separate sectoral president Lai Ching-te said on Friday that the current rate was "temporary," as negotiations with Washington are still which faced a 10% tariff in April, appears to have avoided an increase for now. In contrast, neighbouring New Zealand saw its rate rise from 10% to 15%. Wellington's Trade Minister Todd McClay said the country was "unfairly penalised" and had asked for a call with US ambassador and trade negotiator Jamieson Greer, to "start making a case" for a lower levy. What about China and India? China, though absent from today's announcement, remains the elephant in the talks between Beijing and Washington have intensified in recent months - first in Geneva in May, London in June, and earlier this week in to our Asia Business Correspondent Suranjana Tewari, Beijing is likely seeking a continued suspension of US export controls on key technologies such as semiconductors, in exchange for maintaining a stable supply of rare earth its part, the US is expected to press China on curbing fentanyl production, improving market access for American firms, increasing Chinese purchases of US goods and agricultural products, and encouraging more Chinese investment in the two sides have now agreed to seek a 90-day extension of their trade truce, currently set to expire on 12 who Trump has consistently described as a "good friend" was hit with a 25% tariffs on goods imported from India, along with "an unspecified penalty" for its purchases of Russian oil and weapons. US Secretary of State Marco Rubio said on Thursday that Delhi's relationship with Moscow remains a "point of irritation" in India-US marks a slight reduction from the initial 27% tariff proposed in April, which was later paused. Asean countries face very different outcomes Countries in South East Asia are facing sharply different outcomes following the latest President Trump made his dramatic tariff announcement on 2 April, nowhere was the shock greater than in this region, whose entire world view and economic model is built on original levies went as high as 49% on some countries, hitting a range of industries from electronics exporters in Thailand and Vietnam to chip makers in Malaysia and clothing factories in the 10 countries in Asean, as the South East Asian regional bloc is known, Vietnam was the first to negotiate with the US, and the first to strike a deal, lowering its tariff rate from 46% to 20%.Though some reports suggest Hanoi does not agree with Trump's numbers, Vietnam effectively set the benchmark for the rest of the to today's updated list, most other countries - including Cambodia, Indonesia, Malaysia, the Philippines, Bangladesh, Sri Lanka, Thailand, and Vietnam - now face tariffs of 19% to 20%. Brunei stands apart with a slightly higher rate of 25%.Laos and Myanmar were hit hardest, facing the second-highest levies at 40%. The rationale behind their higher rates is unclear, but Dr Deborah Elms, head of trade policy at the Hinrich Foundation, suggests their limited market access, low purchasing power, and close ties with China may have influenced the White House's Singapore's tariff rate remains unchanged at 10%. The city state imports more from the US than it exports. How did other countries in the region fare? Tariff rates vary across the Indo-Pacific. Pakistan's tariff rate of 19% is the lowest of any South Asian country - and significantly lower than that of its neighbouring archrival, ties between Pakistan and the US have warmed up under Trump's second term - Pakistan even nominated Trump for the Nobel Peace Prize in June - the relatively low tariff rate is expected to give a particular boost to Pakistan's textile industry. Textiles account for nearly 60% of the country's total exports, most of which go to the US. In the meantime, Pakistan's main competitors in the sector - India, Bangladesh, and Vietnam - have all been hit with higher Fiji, Nauru, and Papua New Guinea are on the lower end, each facing a 15% tariff. Kazakhstan has received 25%.It's worth noting that the rates announced today are not final, points out Dr Elms."Executive order says that the president reserves the right to change them, to modify them based on conversations or changing events," she said."So first, the president can make whatever decision he wants. Second, he has given his agencies quite a lot of latitude to address trade obstacles in ways that they see fit."Additional reporting by Osmond Chia in Singapore and Jonathan Head in Bangkok.
