• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 6 hours How to Create a Pandemic
  • 49 mins KSA taking Missiles from ?
  • 4 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 1 hour A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 42 mins Which producers will shut in first?
  • 30 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 12 hours Trump eyes massive expulsion of suspected Chinese spies
  • 3 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 24 mins Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 12 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 15 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 13 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
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 Tanks After EIA Reports 1.7M Barrel Crude Build

The Energy Information Administration said that commercial crude oil inventories gained 1.7 million barrels in the week to July 22, reaching 521.1 million barrels. This is a historic high for this time of year, the agency noted in its weekly inventory report.

Yesterday, The American Petroleum Institute reported an 800,000-barrel draw in commercial crude oil inventories for last week. Strategic inventories at Cushing, Oklahoma, however, were up by 1.4 million barrels, according to the industry body.

Last week, the EIA reported figures in tune with those released by the American Petroleum Institute, namely, a 2.3-million-barrel draw in commercial inventories. However, an unexpectedly large buildup in gasoline stockpiles sent the market into frenzy.

For the week to July 22, the EIA also reported gasoline inventories rose by 500,000 barrels, while distillate fuel inventories were down by 800,000 barrels. API had the figure pegged at a draw of 420,000 barrels, and a 290,000-barrel rise in distillate fuel stocks.

Refineries processed an average 26.6 million barrels daily over the reporting period, down 277,000 barrels on the week. Capacity utilization was at 92.4 percent. Gasoline production was 10.1 million barrels a day

The U.S. imported an average of 8.4 million barrels of crude daily in the week to July 22, a 303,000-barrel weekly increase. Over the last four weeks, the EIA said, imports averaged a daily 8.2 million barrels, up 8.7 percent on July 2015.

WTI was trading at US$43.16 a barrel shortly before the EIA release, up from US$42.76 at the time of release of the API figures, and Brent crude was changing hands at US$44.86 a barrel, up modestly from US$44.58 yesterday.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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