Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8.
This compared with a build of 4.6 million barrels for the previous week. The American Petroleum Institute yesterday reported an estimated 7.58-million-barrel inventory increase for the week to May 8.
In gasoline, the EIA reported an inventory draw of 3.5 million barrels, after a draw of 3.2 million for the previous week, which sparked hopes for demand recovery. Gasoline production last week averaged 7.5 million bpd, versus 6.7 million bpd a week earlier.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.