• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Shale Oil Fiasco
  • 3 hours Might be Time for NG Producers to Find New Career
  • 6 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 6 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 8 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 25 mins Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 8 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 7 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 24 hours US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
Alt Text

Barclays: Global Oil Demand Is Set To Jump In 2020

Barclays expects crude oil demand…

Alt Text

The Shipping Industry’s $1 Trillion Problem

The global shipping industry is…

Alt Text

The Hottest Energy Investment Niche Of 2020

Most energy analysts are very…

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

EIA: 30 Million Barrels Added To Oil Inventories Over 7 Weeks

Crude oil prices declined on Wednesday morning after the Energy Information Administration reported a crude oil build of 7.9 million barrels for the week to November 1.

Analysts had expected a much more modest build of 1.515 million barrels for the period.

This latest build adds to a string of six weekly inventory increases over the last seven weeks, with just one weekly decline. The string has added more than 30 million barrels to inventories, with the one single decline taking 1.7 million barrels out of this accumulation.

A day earlier, the American Petroleum Institute estimated U.S. crude oil inventories had added 4.26 million barrels, which although without an immediate effect on prices, contributed to a deteriorating sentiment after OPEC warned that oil demand is weakening globally.

The cartel warned in its new World Oil Outlook demand for its own oil over the next two years would be significantly lower than previously expected, pressured by the triple weight of slowing economic growth around the world, rising non-OPEC supply, and climate change activism.

Following the news and API’s crude oil inventory estimate, prices finally gave up and started down, despite optimism about a U.S.-China trade agreement, driven by statements from negotiators from both sides that one may be reached before the end of the month.

Meanwhile, the EIA reported a 2.8-million-barrel decline in gasoline inventories and a 600,000-barrel decline in distillate fuel stockpiles. This compared with a gasoline inventory decline of 3 million barrels for the previous week and a 1-million-barrel fall in distillate fuel inventories. Related: Protect The Oil: Trump’s Top Priority In The Middle East

Refineries processed 15.8 million barrels daily last week, the EIA also said, and produced 10 million bpd of gasoline and 4.9 million bpd of distillate fuels. This compared with daily production of 10.2 million barrels of gasoline and 5 million barrels of distillate fuels in the week prior.

Imports last week averaged 6.1 million barrels daily, down from 6.7 million bpd a week earlier.

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
Download on the App Store Get it on Google Play