• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 12 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 1 min Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 58 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 17 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Starvation, horror in Venezuela
  • 18 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 10 hours Corporations Are Buying More Renewables Than Ever
Alt Text

The Shale Boom That Will Never Happen

Andres Manuel Lopez Obrador has…

Alt Text

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Alt Text

Oil Prices Take A Breather As Supply Jumps

Oil markets took a breather…

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

Trending Discussions

Oil Markets Panic After EIA Reports Surging Gasoline Inventories

Oil Tanker

Commercial crude oil stockpiles in the U.S. fell by 2.3 million barrels in the week to July 15, the Energy Information Administration reported. This is a rare perfect match with API figures, which this week included numbers largely in line with expectations, with a 2.3-million-barrel draw. The total tally was 519.5 million barrels, excluding strategic inventories, an unusually high amount for this time of year.

Even though crude inventories shrunk, gasoline inventories showed a larger build than had been anticipated, increasing 911,000 barrels, while a draw of 500,000 barrels was expected. Distillate stockpiles were 200,000 barrels lower than in the previous week but are still above the average for the season.

Refinery inputs in the country over the seven-day reporting period averaged 16.9 million barrels a day, compared with 16.5 million barrels a day in the previous week, when refineries operated at 92.3 percent of capacity. Last week, the utilization rate was 93.2 percent.

Imports of crude oil into the U.S. exceeded 8.1 million bpd in the seven days to July 15, up 293,000 bpd from 7.8 million barrels in the previous week, which itself represented an over half a million barrel weekly draw.

Last week the EIA reported a 2.5-million-barrel reduction in U.S. crude oil inventories, once again in contraction with American Petroleum Institute (API) figures yesterday, indicating an inventory increase of 2.2 million barrels. Analysts expectations had been for a 3-million-barrel draw, so when the API reported a 2.2-million-barrel move in the opposite direction, the markets responded, sending crude oil prices downward again.

At the time of writing, Brent crude traded at US$46.20 a barrel, down 1 percent, and WTI was changing hands at US$43.97, down 1.52 percent.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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