• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 4 hours Shale Oil Fiasco
  • 50 mins Everything you think you know about economics is WRONG!
  • 5 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation Test Wells . . Shale going bust . . . LAUGHABLE
  • 3 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 22 hours Quotes from the Widowmaker
  • 4 hours Offshore is changing
  • 2 days Aramco to Drop $133B on Drilling over Decade
  • 17 hours You long it you short it it is Here for a long time since Trump signed it
  • 37 mins Tesla Launches Faster Third Generation Supercharger
  • 20 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 24 hours Global Debt Worries. How Will This End?
  • 23 hours IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
Alt Text

The Complete Guide To Drilling

With thousands of applications across…

Alt Text

Saudis No Longer Willing To Compensate For OPEC+ Cheaters

As the highly-anticipated OPEC meeting…

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 Markets Panic After EIA Reports Surging Gasoline Inventories

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:




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