• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Alt Text

Rising OPEC Production Weighs On Oil Prices

After seeing a slight drop…

Alt Text

Is The War On Coal Really Over?

Even if the EPA manages…

Alt Text

Europe Stands Divided On Gazprom’s Nord Stream 2 Pipeline

Gazprom’s Nord Stream 2 megaproject…

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

Oil Tanks After EIA Reports 1.7M Barrel Crude Build

Onshore Rig

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:




Back to homepage


Leave a comment

Leave a comment




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