Results for: EIA Report

Oil prices stabilized on Thursday, balancing signs of weakening fuel consumption in the US with escalating conflict risks in the Middle East. Both Brent crude futures and US West Texas Intermediate crude futures witnessed marginal gains. Data from the US Energy Information Administration (EIA) indicated a smaller-than-estimated decline in gasoline stockpiles and an unexpected increase in distillate inventories, suggestive of decelerating demand. This slowdown coincides with indications of subdued business activity in the US in April and expectations of delayed interest rate cuts by the Federal Reserve, dampening economic optimism.

An American Petroleum Institute (API) survey has reported conflicting data on US oil inventories, highlighting differences with the official report from the US Energy Information Administration (EIA). While the API survey had predicted a crude increase of 1.8 million barrels, the EIA report showed a much smaller increase of 528,000 barrels. Furthermore, the API survey’s projections for distillates (-0.9 million barrels) and gasoline (-1.4 million barrels) also diverged from the EIA’s reported declines of 1.2 million barrels and 1.3 million barrels, respectively.