• 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 8 hours European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 days Demonising fossil fuels has caused major grid problem in Australia
  • 8 days "And this is perhaps the most dangerous kind of government there can be."
  • 2 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 7 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Why Are China’s Fuel Refinery Rates So Low?

Why Are China’s Fuel Refinery Rates So Low?

As fuel prices throughout Asia…

Saudi Arabia Cuts Oil Volumes To China For July

Saudi Arabia Cuts Oil Volumes To China For July

Saudi Arabia will ship lower-than-nominated…

Is It Too Late To Invest In The Oil Price Rally?

Is It Too Late To Invest In The Oil Price Rally?

Many analysts say that the…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Massive Oil Product Build Sends Prices Lower

A day after the API’s crude oil inventory report pressured prices, the EIA relieved some of the pressure by reporting an inventory draw of 2.5 million barrels for the week to January 10.

Analysts had expected the authority to report an inventory decline of 750,000 barrels for the period. A week earlier, the EIA estimated inventories had added 1.2 million barrels, after for the last week of 2019 it reported an inventory decline of 11.5 million barrels.

In gasoline the EIA reported an inventory rise of 6.7 million barrels, adding to a build of 9.1 million barrels a week earlier. Production last week averaged 9.3 million bpd, up from 8.9 million bpd for the previous week.

For distillate fuels, the authority reported an inventory increase of 8.2 million barrels for the week to January 10, compared with an increase of 5.3 million barrels for the prior week. Production of distillate fuel amounted to 5.2 million bpd last week, versus 5.3 million bpd a week earlier.

Brent crude traded at $64.13 a barrel at the time of writing, with West Texas Intermediate at $57.92 a barrel, pressured not only by the American Petroleum Institute inventory report but also by reports that Washington plans to keep tariffs on Chinese goods in place until after the elections in November, effectively prolonging the trade conflict and pressuring demand for oil.

The tariff report has affected the optimism surrounding the pending U.S-China trade deal that was seen as instrumental for an improvement in oil prices. The preliminary, or phase 1, deal is expected to be signed today.

“Oil prices are tentatively rebounding after seller exhaustion kicked (in) as investors await the next developments on the trade front and whether we see a strong pickup with global demand following the phase-one trade deal,” a OANDA analyst told Reuters.

The EIA itself added to the optimism by revising its price forecasts for Brent and WTI in the latest Short-Term Energy Outlook released earlier this week. In it, the EIA said it expected Brent crude to average $64.83 a barrel this year and WTI to average $59.25 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • michael smith on January 16 2020 said:
    1 million barrels is not a "massive" build thats not even a day's worth for America!!

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News