• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours In a Nutshell...
  • 10 hours Is OilPrice a cover for Green Propganda
  • 20 hours Putin Paid Militants to Kill US Troops
  • 10 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 13 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 14 hours Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 2 days Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 12 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 2 days Apology Accepted!
  • 19 hours The Political Genius of Donald Trump
  • 2 days Why Oil could hit $100
  • 2 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 3 days U.S. natural gas at major disadvantage in Europe and China.
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 Reports Minor Build In Crude Inventories, Draw In Gasoline Stocks

After three straight weeks of builds in commercial oil inventories, today, the EIA had some more bad news for traders. The authority reported a build of 600,000 barrels, a day after the American Petroleum Institute estimated commercial inventories were down by 884,000 barrels in the week to February 17.

Analysts expected an increase of 3.3 million barrels for the period.

Last week, EIA’s report put crude stockpiles at a record high of 518.1 million barrels. This week’s figures were for a total inventory size of 518.7 million barrels, still above seasonal limits.

Refineries operated at 84.3 percent of capacity in the seven days to February 17, processing 15.3 million barrels of crude daily, slightly down from the 15.5 million bpd in the previous week. Gasoline output averaged 9.4 million barrels, an increase on the previous week’s 9 million bpd. Gasoline inventories went down by 2.6 million barrels in the period, offsetting some of the general inventory gloom.

Imports averaged 7.3 million barrels daily.

EIA’s figures are considered by some observers to be increasingly irrelevant as they don’t truly reflect the full supply/demand picture. Yet, they are still watched closely by investors and other market participants, as is the news coming from OPEC.

The latest from that direction is deepening pessimism: officials from the group have suggested, somewhat tentatively, that the six-month production cut may need to be extended beyond the June 30 deadline. This suggests the global glut was even deeper than they expected, which is certainly a cause for worry, turning hopes for $60 oil into a mirage.

An extension of the cuts would certainly help shrink the glut, but the longer the deal wears on, the more likely members are going to be tempted to cheat. On top of that, U.S. output is rising quicker than expected, and countries like Libya and Nigeria are undermining the effectiveness of the deal by building production.

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




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