• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 8 days Energy Armageddon
  • 14 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 13 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Goldman Betting on Cryptocurrencies
  • 9 days Сryptocurrency predictions
  • 13 days Putin and Xi Bet on the Global South

Breaking News:

Oil Prices Jump On Major Crude Draw

Oil Tanker Rates Soar To Astronomical Levels

Oil Tanker Rates Soar To Astronomical Levels

Soaring tanker rates are weighing…

EU Discusses $65-70 Price Cap On Russian Oil

EU Discusses $65-70 Price Cap On Russian Oil

The European Union is currently…

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

U.S. Crude Inventories Reach Record High After EIA Reports Significant Build

For the third week in a row the Energy Information Administration (EIA) has reported an increase in commercial crude oil inventories of 9.5 million barrels, to a total of 518.1 million barrels – exceeding the seasonal limit.

The report came a day after the API estimated commercial inventories had jumped by 9.94 million barrels.

The news is bound to cause worry among OPEC members who are being made painfully aware by U.S. shale boomers that the production cut agreement agreed to in November was a windfall for them – a windfall that they will make the best of while it lasts.

Though prices started the week on the rise, boosted by the latest positive update from OPEC, including the IEA praising the cartel for its 90-percent compliance rate, the API figures partially offset the rise and now the EIA figures might offset the rest. The weekly inventory reports coming from the U.S. are being increasingly criticized by industry observers for not reflecting the true picture of supply and demand in the country but still carry weight in swinging market sentiment, as traders follow them closely.

The EIA reported that refineries processed 15.5 million barrels of crude last week, down from the previous week’s 15.9 million bpd. Gasoline production stood at 9 million barrels in the week to February 10, with inventories adding 2.8 million barrels. In the week to February 3, gasoline inventories were down by almost a million barrels, taking off some of the pressure on prices. Related: Artificial Intelligence To Reveal The Biggest Secret In Oil

Lat week, after the EIA’s weekly report release, prices reacted in an unexpected fashion, adding about US$0.50 in the 30 minutes following the release. This suggests that the sense of irrelevance of these reports is growing, reinforced by price-positive developments elsewhere.

On the other hand, it may be a change of trader behavior, as detailed by the FT, which quoted a commodity consultant as saying “’Buy the builds’ is the new mantra.” This “mantra” is causing confusion on the market and a lot of suggestions as to who is behind this change in trading behaviors.

At the time of writing, Brent was trading at US$55.81 a barrel, while WTI was at US$53.10 a barrel, both down slightly.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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