• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 1 hour Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours The EU Loses The Principles On Which It Was Built
  • 37 mins Crude Price going to $62.50
  • 6 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 10 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 11 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 11 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 6 hours Why hydrogen economics is does not work
  • 13 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 19 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 19 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 17 hours Saudi Aramco IPO Seems Unlikely
  • 3 hours < sigh > $90 Oil Is A Very Real Possibility
Alt Text

Russia Reverses Almost All Its Oil Production Cuts

Russia reversed almost all of…

Alt Text

Brazil Reports Record Oil Exports

Brazil’s crude oil exports hit…

Alt Text

Why Is Big Oil So Excited About Alaskan Crude?

Alaskan officials have just published…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Prices Fall After EIA Confirms Crude Inventory Build

Oil tanker

After yet another surprise report—this time of an inventory build—from the American Petroleum Institute weighed on prices yesterday, the Energy Information Administration confirmed a build, reporting U.S. crude oil inventories had added 3.8 million barrels last week.

At 408.7 million barrels, the EIA said, crude oil inventories were below the five-year seasonal average.

Analysts polled by IG Group had expected a slight inventory decline of 200,000 barrels, after the previous week’s major, 6.1-million-barrel draw reported by the EIA.

In gasoline, the EIA reported a draw in inventories, at 2.5 million barrels, compared with 2.3 million barrels a week earlier. Gasoline production averaged 10.5 million bpd between July 23 and 27, up slightly on the previous week.

In distillates, the agency reported an inventory increase of 3 million barrels. This compares with a draw of 100,000 barrels a week earlier. Refineries produced 5.2 million barrels of distillates daily last week, basically unchanged from a week earlier.

The average daily throughput of refineries stood at 17.5 million barrels of crude, almost 200,000 bpd more than in the previous week, with the facilities operating at 96.1 percent of capacity.

Production of crude oil is expected to stay at record highs for the time being despite pipeline constraints in the Permian—the top performer in the U.S. oil patch. Related: An Unexpected Windfall For U.S. Solar

Prices, meanwhile, remain volatile. OPEC’s production, according to a Reuters poll, inched up by just 70,000 bpd last month despite assurances that the cartel would be able to quickly ramp up production to make up for any loss of supply from Iran. This pulled oil prices higher this week.

On the other hand, another poll suggested the United States and OPEC together would be able to offset the decline in supply and satisfy growing demand in Asia. Prices, according to this poll, will average US$67.32 per barrel for WTI this year, and US$72.87 per barrel for Brent crude.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Brian Gregory on August 01 2018 said:
    I find it funny that everything is a "surprise."
  • Dan on August 02 2018 said:
    One of the highest traffic vacation weeks of the year and roads are packed. We can always trust EIA to manipulate price. To help not harm the economy hotel rooms should be manipulated down to $19.95 per night, Breakfast at dinners $1.99, Bucket of Kentucky Fried Chicken $5.99, New iPhone $59.

Leave a comment




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