• 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
  • 7 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 10 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

Major Oil Companies Make Moves in Megamerger Frenzy

Major Oil Companies Make Moves in Megamerger Frenzy

Several high-profile mergers among oil…

Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

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

Oil Falls After EIA Reports Large Crude Build

A day after the American Petroleum Institute once again took markets by surprise by reporting a crude oil inventory build of 7.29 million barrels, the Energy Information Administration said inventories were indeed up, by 7.1 million barrels for the week to March 1.

At 452.9 million barrels, the EIA said, crude oil inventories were about 4 percent above the seasonal average.

The authority also reported refinery runs of 16 million barrels daily for last week, versus 15.9 million bpd a week earlier. Gasoline production stood at 9.9 million bpd, up from 9.6 million bpd a week earlier. Distillate fuel production averaged 4.9 million bpd last week, compared with 4.8 million bpd a week earlier.

Gasoline inventories shed 4.2 million barrels in the week to March 1, versus a 1.9-million-barrel decline during the week before. Distillate fuel inventories were down 2.4 million barrels, from a 300,000-barrel decline a week earlier.

The API inventory estimate pressured prices considerably, not least because it was combined with announcements from Exxon and Chevron they had big plans for the Permian, with both eyeing production increases to about 1 million barrels daily over the next five years.

These plans and the continuous rise in U.S. production are successfully playing counterweight to the effect of OPEC’s production cuts on prices despite incidental factors that pull prices in one or the other direction on a daily basis such as any news updates from Venezuela or the announcement the Libya’s Sharara field, which can produce 320,000 bpd, was back in operation.

Another topic that swings prices is, of course, the ongoing trade negotiations between Washington and Beijing. Observers for the trading world tend to oscillate between hope and gloom here, but the latest updates seem to suggest a trade deal may indeed happen and put an end to the conflict that’s hurt a number of industries.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mitch Farney on March 06 2019 said:
    With net imports swinging up by 1.6mbpd it isnt a surprise. I think this week is just an anomaly, and the trend of crude stock declines will continue

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