PIPELINES
Texas Pipelines Face Dry Months as Production Languishes - This Reuters article discusses how nearly half of all oil pipelines from the Permian Basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, according to analysts and executives. Pipeline companies went on a construction spree throughout 2018 and 2019 to handle blistering growth in U.S. crude production to a record 13 million barrels per day (BBL/d). However, the coronavirus pandemic crushed both fuel demand and oil production, and neither have recovered fully, leaving many pipelines unused. (Reuters)

PRODUCTION
Continental Resources: Texas Winter Storm Hit First-Quarter Production - U.S. oil producer Continental Resources (NYSE:CLR) said on Tuesday the Texas winter storm in February impacted its first-quarter production by about 6,000 barrels of oil equivalent per day. Continental expects oil production to average about 152,000 BBL/d and natural gas production to average about 935 million cubic feet per day. The company also said crude oil production for the second quarter is expected to be between 160,000 BBL/d and 165,000 BBL/d, and natural gas production between 920 million cubic feet per day and 940 million cubic feet per day. (Reuters)

CRUDE OIL
U.S. Crude Oil Stockpiles Fall - U.S. crude oil stockpiles dropped more than expected as refiners increased activity heading into the summer driving season, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 5.9 million barrels in the week ending April 9 to 492.4 million barrels. U.S. gasoline stocks rose 309,000 barrels in the week to 234.9 million barrels. Distillate stockpiles fell by 2.1 million barrels. Net U.S. crude imports rose last week by 443,000 barrels per day. (Reuters)

Oil Prices Climb Nearly 5% - Oil prices surged almost 5% on Wednesday, after a report from the International Energy Agency followed by U.S. inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Brent crude futures rose $2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 a barrel. Gasoline supplied in the latest week, indicating the U.S. consumption of the fuel, rose to 8.9 million BBL/d, the highest since August. (Reuters)



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