• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 4 hours Mike Shellman's musings on "Cartoon of the Week"
  • 19 mins WTI @ 67.50, charts show $62.50 next
  • 2 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 57 mins WTI @ 69.33 headed for $70s - $80s end of August
  • 3 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 4 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Corporations Are Buying More Renewables Than Ever
  • 9 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 17 hours California Solar Mandate Based on False Facts
  • 17 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 7 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 7 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
Alt Text

Why Is Big Oil So Excited About Alaskan Crude?

Alaskan officials have just published…

Alt Text

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Alt Text

Shockwave In Shipping Could Send Brent Soaring

New IMO regulations for the…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

EIA Reports 2.5M Barrel Draw To U.S. Crude Oil Inventories

Offshore Rig

The U.S. Energy Information Administration (EIA) has reported a 2.5-million-barrel reduction in U.S. crude oil inventories, once again in contraction with American Petroleum Institute (API) figures yesterday, indicating an inventory increase of 2.2 million barrels.

According to the EIA, which publishes the official inventory data and is considered the primary source for these figures, U.S. crude oil inventories are now at 521.8 million barrels, which represents a draw of 2.5 million barrels from the previous week.

Analysts expectations had been for a 3-million-barrel draw, so when the API reported a 2.2-million-barrel move in the opposite direction, the markets responded, sending crude oil prices downward again.

Oil futures tumbled yesterday following the information from the API with August futures dipping in electronic trading from US$46.80 to US$46.44. Oil prices immediately fell after the EIA released its data.

According to the EIA, total motor gasoline inventories increased by 1.2 million barrels last week, while finished gasoline inventories increased, and blending components inventories decreased last week. Distillate fuel inventories also increased by 4.1 million barrels last week, while propane/propylene inventories rose 2.6 million barrels. Total commercial petroleum inventories increased by 7.1 million barrels last week. The unusually big build in distillate fuel inventories could take its toll on oil prices

U.S. crude oil imports averaged over 7.8 million barrels per day last week, down by 522,000 barrels per day from the previous week, the EIA noted.

At the same time, U.S. crude oil refinery inputs averaged over 16.5 million barrels per day during the week ending July 8, 2016, 143,000 barrels per day less than the previous week, with refineries operating at 92.3 percent of capacity.

Gasoline production increased last week, averaging over 10.2 million barrels per day. Distillate fuel production increased last week, averaging over 5.0 million barrels per day.

In the EIA’s 8 July weekly report, inventories were down by over 3.2 million barrels on the previous week. That same week, the API had also show a draw of slightly more than the EIA reported figures.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • GregSS on July 13 2016 said:
    I think the bigger story, is the build in gasoline and even bigger build in distillates.
  • EH on July 21 2016 said:
    How convenient, just imagine the draw down if,, the XL Pipeline had gone through. So, last week I believe I read there were 500,000'000 brls docked of shores, in tankers with no place to store it, guess they built another tanker and now the figure is 525,000'000 brls @ sea, NOT CONSUMED! Figures Don't lie,,but PEOPLE, , boy can they figure!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News