Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil prices extend gains, buoyed by unexpected drop in U.S. gasoline stocks

    Oil prices extend gains, buoyed by unexpected drop in U.S. gasoline stocks

    July 19, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    19 July 2018, News Wires — Oil prices on Wednesday extended gains from the previous session, buoyed after official data showed that U.S. inventories of gasoline, diesel and heating oil unexpectedly fell last week.

    Brent crude futures had risen 8 cents, or 0.1 percent, to $72.98 by 0043 GMT. They climbed 1 percent on Wednesday after initially falling to the lowest in three months following the release of official production and stockpile data, which also showed a surprise build in U.S. crude inventories.

    West Texas Intermediate (WTI) crude futures climbed 20 cents, or 0.3 percent, to $68.96. They also gained about 1 percent on Wednesday.

    Gasoline inventories fell by 3.2 million barrels last week, while distillate stockpiles , which include diesel and heating oil, dropped by 371,000 barrels, the Energy Information Administration (EIA) said.

    A Reuters poll taken before the data release had forecast that gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels.

    U.S. crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

    Oil production reached a record 11 million barrels per day, the EIA said. The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.

    Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and Russia increased production and as some supply disruptions eased.

    OPEC and non-OPEC’s compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday.

     

    • Reuters

    Related News

    Oil prices tumble following Trump touted Iran-Israel ceasefire

    Tinubu support for Dangote’s plan to reshape downstream sector

    BP and others pulling staff from Iraq oilfields, output steady

    E-book
    Resilience Exhibition

    Latest News

    Edun meets downstream leaders to deepen energy reforms & drive investment in CNG

    June 24, 2025

    NDDC eyes Cross River for IOCs-driven infrastructure partnership push

    June 24, 2025

    Nigeria targets 10,000 jobs, skills transfer in $400m minerals processing plant

    June 24, 2025

    RMDB meets stakeholders, unveils ambitious maritime development blueprint

    June 24, 2025

    ‘Africa’s economic future rests on integrating informal sector into AfCFTA framework’

    June 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.