• 4 minutes 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 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
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 6 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Breaking News:

Oil Likely To Hit $200: SEB Group

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

Oil Unchanged On Small Crude Inventory Build

  • At 420.9 million barrels, U.S. crude oil inventories are within the limits of the five-year average for this time of the year
  • Small crude inventory build leaves oil prices mostly unaffected

Crude oil remained unchanged today after the Energy Information Administration reported an inventory build of 2.3 million barrels for the week to October 1.

At 420.9 million barrels, U.S. crude oil inventories are within the limits of the five-year average for this time of the year, the EIA said.

Last week’s inventory move compared with a surprise build of 4.6 million barrels for the previous week that followed a series of draws over the previous eight weeks.

In gasoline, the EIA estimated an inventory increase of 3.3 million barrels for the week to October 1, with production averaging 9.4 million barrels.

This compared with a modest inventory build of 200,000 barrels for the previous week, with production averaging 9.9 million bpd.

In middle distillates, the EIA reported an estimated inventory draw of 400,000 barrels for last week, with average production at 4.8 million bpd.

This compared with an inventory increase of 400,000 barrels for the previous week, with production averaging 4.6 million bpd.

Like last week, the oil price rally paused for a while on Tuesday when the American Petroleum Institute reported another unexpected oil inventory build, for the second week in a row.

At the time of writing, however, both Brent crude and West Texas Intermediate were trading lower on the day as traders continue to weigh tight crude and natural gas markets with small builds in crude inventories.

Analysts expect an extended rally for oil thanks to OPEC+’s decision to stick to its earlier agreement to only add 400,000 bpd to global oil supply every month rather than respond with emergency supply increases in response to calls to that effect.

PVM Oil Associates senior analyst Tamas Varga said in a note this week that prices only looked high now. But, he said, as quoted by CNBC, they are “only seen uncomfortably high until the first cold spell arrives in the Northern Hemisphere, creating additional demand and triggering a fresh bout of buying.”

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on October 06 2021 said:
    Inventory builds are "normative" for this time of year.

    Perhaps we need a "surprise!" index to measure the goings on in energy weekly now?

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