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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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Oil Gives Up Gains Despite Large Crude Draw

Cushing hub

Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11.

That change compared with a build of 5.9 million barrels for the previous week, which in turn followed the biggest inventory draw in years, at 17 million barrels for the last week of July.

A day earlier, the American Petroleum Institute estimated crude oil inventories had shed 6.2 million barrels in the week to August 11.

In fuels, the EIA estimated mixed changes in weekly inventory levels.

Gasoline inventories shed a modest 300,000 barrels in the reporting period, with production averaging 9.6 million bpd.

This compared with an inventory draw of 2.7 million barrels for the previous week, when production averaged 9.9 million barrels daily.

In middle distillates, the EIA estimated an inventory increase of 300,000 barrels for the second week of August. Production averaged 4.7 million barrels daily.

That compared with an inventory draw of 1.7 million barrels for the previous week, when middle distillate production averaged 4.9 million bpd.

Oil prices this week have been trending lower on the latest economic data from China, which suggested a slowdown in growth, based on industrial production and retail sales figures for July.

At the same time, refinery runs data from China as well suggested demand for oil remains strong and growing. Refiners ramped up processing rates last month, the data said, with the average daily number higher both than the average for June and the average for July 2022.

"Concerns that China's faltering economy will weigh on demand offset tight supply in the oil market," ANZ analysts said, as quoted by Reuters.

“With the disappointing turn in China’s economic data dominating headlines lately, sentiments around oil prices are being kept in check,” IG Asia analyst Yeap Jun Rong told Bloomberg.

By Irina Slav for Oilprice.com

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