• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Oil Moves Down on Inventory Rise

Oil Moves Down on Inventory Rise

Crude oil prices inched lower…

Energy Stocks Rally Under The Radar

Energy Stocks Rally Under The Radar

Big Oil is trumping the…

M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

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

Delayed EIA Inventory Report Shows Crude Draw, Products Build

Refinery

Oil prices climbed higher today after the U.S. Energy Information Administration reported a crude oil inventory draw of 2.8 million barrels for the week to June 24.

A day earlier, the American Petroleum Institute estimated an inventory draw of 3.8 million barrels for the week to June 24, after reporting its biggest oil inventory build since February for the week to June 17, at 5.6 million barrels.

In fuels, the EIA reported builds across the board for the week to June 24.

Gasoline stocks gained 2.6 million barrels in the reporting week, according to the EIA in much welcome news for motorists in the United States.

Gasoline production averaged 9.5 million barrels last week, an increase over the previous week, for which the EIA has yet to supply data.

In middle distillates, the EIA estimated an inventory build of 2.6 million barrels for the week to June 24, noting this was about 20 percent lower than the five-year average for this time of the year.

Middle distillate production averaged 5.1 million barrels daily last week, which the EIA said was a decline on the week to June 17.

EIA data for the week to June 17 is being published with a week’s delay because of systemic problems the EIA reported last Wednesday.

Brent crude was trading at $119.50 per barrel at the time of writing and West Texas Intermediate was changing hands for $113.20 at the time of writing, both up by more than a percentage point after a spike yesterday following the release of API inventory data.

Meanwhile, the supply of fuels remains tighter than usual in the U.S. despite record-high prices, which prompted President Biden to announce a four-point plan for lowering retail prices last week.

The plan, as presented in Congress, features a proposal for the three-month suspension of the federal fuel tax and a call on states to suspend state fuel taxes.

The President also called on the oil industry earlier this month to use its profits to increase refining capacity and on retail fuel station owners, who should pass the power price on to consumers.

ADVERTISEMENT

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