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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 Falls As EIA Reports Large Crude Inventory Build

Pipeline

Crude oil prices fell today after the Energy Information Administration reported a build in crude oil inventories of 4.5 million barrels for the week to July 29.

This compared with a draw of an almost identical size for the previous week. U.S. crude oil inventories are at 426.6 million barrels, which is 7 percent below the five-year average for this time of the year.

The American Petroleum Institute yesterday reported an unexpected inventory build in crude oil, at over 2 million barrels, while analysts had expected a modest draw of less than 500,000 barrels for the week to July 29.

In fuels, the EIA estimated a mixed picture.

Gasoline inventories added a modest 200,000 barrels in the week to July 29, with production averaging 9.3 million barrels daily.

This compared with a draw of 3.3 million barrels and production of 9.7 million barrels daily for the previous week.

In middle distillates, the EIA estimated an inventory decline of 2.4 million barrels for the week to July 29, with production averaging 4.9 million barrels daily.

This compared with an inventory draw of 800,000 barrels for the previous week and production averaging 5 million barrels daily.

Refineries processed 15.9 million bpd of crude last week, operating at 91 percent of capacity. This compared with 16 million bpd for the previous week, with refineries operating at 92.2 percent of capacity.

The middle distillate supply situation has been tightening, with U.S. exports hitting records as European buyers shun Russian diesel and other distillate fuels. This, however, is causing concern for the domestic market, where demand is set to increase in the coming weeks as harvest season in the Midwest begins.

Oil prices, in the meantime, have been weighed down by recession worry about the United States. Traders are also waiting for the OPEC+ meeting today, where the cartel will say whether or not it will increase production in September.

At the time of writing, Brent crude was trading at $100.40 per barrel, with West Texas Intermediate at $94.24 per barrel both down from opening.

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By Irina Slav for Oilprice.com

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Leave a comment
  • Frank Clemente on August 03 2022 said:
    Look at imports and exports and the story is intact. Not enough oil
  • George Doolittle on August 03 2022 said:
    "harvest season for food no one is going to buy because that's too expensive as well" anyhow these materially higher borrowing costs in the USA might now be having an impact as well...plus forward guidance from the US Fed is at least another 50 basis point rise but consensus is still .75.

    Chinese equities and the Yuan *BOTH* have been annihilated as well. Plus obviously US consumption of fuels is way way *WAY* off to the extent to which anyone isn't having their car and home be sold for back taxes all of a sudden. The sunk capital alone at Giga Texas and now the entire State of Tennessee for pure BEV first Volkswagen now Ford is truly mind blowing.

    At least Ford has a sales base and new offerings to throw down with *EVERYONE* in Das Auto! *PLUS* Putin truly has gone bonkers in Ukraine. The idea that Russia isn't plunging into civil unrest or worse is simply not being informed by reality. Not interested in worthless Canadian Loonie Bucks at the moment either...by far the USA's most valuable trading partner and the only one that actually matters in point of fact.

    Nice report by $bp British Petroleum.
    Mind blowing numbers from Chevron, $xom and Hess as well.

    Long $nee Next Era Energy
    Strong buy

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