• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 39 mins A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 6 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 7 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 3 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 7 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 14 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 2 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 20 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 20 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 17 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 18 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 13 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 12 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
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

EIA Inventory Count Accelerates Oil Price Slide

The U.S. Energy Information Administration reported a build in commercial crude oil inventories of 6 million, speeding up an oil price decline prompted by a variety of factors, including API’s Wednesday estimate that inventories had risen by a hefty 9.75 million barrels in the week to October 5.

EIA said refineries last week operated at 88.8 percent of capacity, processing 16.2 million bpd of crude and producing 9.7 million bpd of gasoline and 5 million bpd of distillate. This compares with 10 million bpd of gasoline and 5 million bpd of distillate a week earlier.

Gasoline inventories last week added 1 million barrels, compared with a 500,000-bpd fall a week earlier. Distillate inventories declined by 2.7 million barrels, after a 1.8-million-barrel draw a week earlier.

EIA’s data will add to a mix of stock market losses and Hurricane Michael that has passed the oil-producing and refining parts of the Gulf of Mexico and is now making its way north of Florida. More than 40 percent of oil production capacity in the Gulf of Mexico has been shut in, but it will be brought back online quite quickly, analysts believe, curbing any bullish impact on prices.

More bearish news is on the way for West Texas Intermediate, however, after it became clear earlier this week U.S. oil exports to China had slipped down to nothing in August from about US$1 billion worth of crude just two months earlier.

The bullish case for oil remains hinged singularly on the effect U.S. sanctions against Iran, coming into effect on November 4, will have on global supply, while concern is mounting about demand. The IMF earlier this week revised down its outlook for global GDP following a slowdown in emerging economies in the latest indication oil prices are already hurting demand.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Blackbag99 on October 11 2018 said:
    Not surprising really. That were some of the ugliest demand numbers I have seen in some time.

    I can't think of a reason to but anything in the US on those numbers

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play