• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Pump Prices Set to Hit $4 a Gallon

Pump Prices Set to Hit $4 a Gallon

U.S. oil prices surpass $80…

OPEC+ Faces Fork in the Road

OPEC+ Faces Fork in the Road

Some analysts have noted in…

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 Ticks Higher On Fuel Inventory Draws

Refinery

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory build of 5.9 million barrels for the week to August 4.

Fuel inventories, however, moved lower.

The crude build compared with a substantial inventory decline of 17 million barrels for the previous week—the largest drawdown in oil inventories for years.

The report comes a day after the American Petroleum Institute estimated oil inventories had added a little over 4 million barrels over last week.

In fuels, the EIA estimated substantial inventory declines for the week to August 4.

Gasoline inventories shed 2.7 million barrels during the week to August 4, which compared with a build of 1.5 million barrels for the previous week.

Gasoline production averaged 9.9 million bpd last week, which compared with 9.8 million bpd a week earlier.

In middle distillates, the EIA estimated an inventory draw of 1.7 million barrels for the week to August 4, which compared with a draw of 800,000 barrels for the previous week.

Middle distillate production averaged 4.9 million bpd last week, which compared with 4.9 million bpd a week earlier.

Oil prices have stabilized, meanwhile, as the upward potential was capped by fresh CPI data from China showing the first annual decline since February 2021, according to Reuters.

The report followed another, revealing that China’s oil imports had fallen by close to 20% in July from June, when they hit a record high. The data seems to have worried traders about the resilience of demand in the world’s top importer.

There is also concern about demand for oil in Europe and the United States amid a series of rate hikes aimed at reining in inflation but making life more expensive in the process.

ADVERTISEMENT

At the time of writing, Brent crude was trading at $86.96 per barrel, with West Texas Intermediate at $83.98 per barrel, both up from opening.

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News