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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Large Crude Build Sends Oil Prices Tumbling

Crude oil prices eased from their earlier gains after the Energy Information Administration reported inventories had added 8.8 million barrels for the week to September 2.

This compared with an inventory draw of 3.3 million barrels estimated for the previous week.

In gasoline, the EIA reported an inventory increase of 0.4 million barrels for the week to September 2, which compared with a draw of 1.2 million barrels for the previous week.

Gasoline production averaged 9.9 million barrels daily last week, compared with 9.8 million bpd a week earlier.

In middle distillates, the EIA estimated an inventory build of 0.1 million barrels for the week to September 2. This compared with a meager increase of 100,000 barrels for the previous week.

Middle distillate production picked up last week, averaging 5.0 million bpd. This compared with average daily production of 4.9 million barrels for the previous week.

U.S. refineries processed 15.9 million bpd on average last week, which compared with 16.2 million bpd during the previous week. Refineries continued operating at elevated capacity rates, with last week’s at 90.9 percent, compared with 92.7 percent a week earlier.

Oil prices have been on the rebound today, after on Wednesday Russia’s President, Vladimir Putin, said Russia will suspend all energy exports if the West goes ahead with price caps. The EC proposed a Russian gas price cap hours later.

The exchange prompted doubts about the security of not just gas but also oil supply, pushing Brent crude and West Texas Intermediate both higher.

Meanwhile, in the UK, the new Prime Minister, Liz Truss, is scrapping the fracking ban passed years ago, and issuing more oil and gas licenses for the North Sea in response to soaring energy prices. In Europe, Brussels continues struggling to find a quick fix for its energy price woes.

The Financial Times earlier today reported that India and China have largely offset the decline in Russian oil exports to Europe this year, taking advantage of the discount, at which Russian oil sells after the Ukraine invasion.

By Irina Slav for Oilprice.com

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Leave a comment
  • Frank Clemente on September 08 2022 said:
    Where the heck you get these incompetent energy writers? Week after week they misinterpret the data, misrepresent the data and the headlines have nothing to do with reality. Is it just an attempt to get people to click on ? Do you pay so little that you can't get anybody with any knowledge? Today the report on EIA failed to mention over 7 million barrels released by the EIA from the SPR. Yes. that is SEVEN million barrels. The writer also misrepresented the price of oil. My belief is these writers are so interested in getting to press as soon as possible they don't take one minute to think about whether with their reporting makes sense. I pay for this service and I'm starting to think it's just a waste of money. Frank Clemente, Professor of Social Policy, Penn State University
  • George Doolittle on September 08 2022 said:
    Coal crisis in Germany?

    Huh.
    Anyhow *"HEIL EUROPA!"*
    move along..

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