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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 Prices Fall On Significant Crude Build

After the American Petroleum Institute surprised markets yesterday by reporting a build of 3.66 million barrels for the week ending August 10, the Energy Information Administration today confirmed a build, but reported that it had been significantly bigger at 6.8 million barrels.

Analysts polled by S&P Global Platts had forecast an inventory decline of 1.7 million barrels for the period.

The EIA reported that at 414.2 million barrels, U.S. crude oil inventories are a bit above the five-year average for the season.

In gasoline, inventories were down by 700,000 barrels last week, compared with a build of 2.9 million barrels a week earlier but slightly above the seasonal average. Gasoline production averaged 10.2 million bpd, from 9.9 million bpd the week before last.

Distillate inventories added 3.6 million barrels last week, after a build of 1.2 million barrels in the prior week, with production averaging 5.3 million bpd, up by 100,000 bpd on the previous week.

Meanwhile the market is worrying about supply from Venezuela and preparing for the last round of U.S. sanctions against Iran, which will target its oil industry specifically. Some oil bulls are preparing for oil prices of US$150 and even US$200, Reuters reported yesterday, citing prominent hedge fund manager Pierre Andurand and Jean-Louis Mee, chief executive of Westbeck Capital. Related: Why China Will Continue To Buy Iranian Crude

Andurand expects oil to jump to US$150 a barrel as U.S. sanctions against Iran kick in in a couple of months and crude supply shrinks by a million bpd or more. Mee is even more bullish, seeing the ultimate loss of supply at more than 2 million bpd.

“Our view is that by November 4, we will have lost between 1.3 and 1.4 million barrels (of output) a day. It is a very big number. That’s based on the view that the U.S. will allow a few temporary exception waivers .... Ultimately, we could see losses from Iran exceed 2 million barrels a day,” the Westbeck Capital chief executive said.

By Irina Slav for Oilprice.com

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Leave a comment
  • Brian Gregory on August 15 2018 said:
    Once again, investors are SURPRISED! Each week they are surprised! I'd be surprised if a week went by where they were not surprised! It's truly surprising!
  • Rick on August 15 2018 said:
    “Some oil bulls are preparing for oil prices of US$150 and even US$200, Reuters reported yesterday”

    Now that’s Fake News...
  • Herry on August 15 2018 said:
    Looks like the greedy piggies in Canada didn't get the memo. Consumers are getting gouged to oblivion.

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