• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 21 hours Could Venezuela become a net oil importer?
  • 22 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 20 mins Oil prices going Up? NO!
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
  • 21 hours Gazprom Exports to EU Hit Record
  • 23 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 21 hours Could oil demand collapse rapidly? Yup, sure could.
  • 21 hours Oil Buyers Club
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 14 hours Oil prices going down
  • 1 day EVs Could Help Coal Demand
  • 19 hours Saudi Arabia turns to solar
  • 12 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 7 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

OPEC’s Agreement Sends Oil Prices Soaring

Oil prices spiked on Friday…

Alt Text

China Plans To Create A $78 Billion Natural Gas Giant

Chinese regulators are looking to…

Alt Text

This Russian Oil Major Is Ready To Open The Taps

Russia’s oil giant Lukoil is…

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 Plunges After EIA Reports Builds Across The Board

Oil rig onshore

The EIA reported a 2.5-million-barrel increase in crude oil inventories for the week to August 19, following a draw of the same amount reported by the authority last week. Total inventories stood at 523.6 million barrels, still at record-high levels for this time of year.

Gasoline inventories, the EIA said, remained unchanged from the previous week, again remaining at an unusually high level for the season. Last week these inventories were down by 2.7 million barrels, marking the third week of declines in gasoline inventories, which caused traders to perk up in hopes that the gasoline glut was going away.

Distillate stockpiles were up 100,000 barrels, still within the average range for the season.

Refinery daily throughput totaled 16.7 million barrels of crude, which was a 186,000-barrel decline from the previous week, producing an average of 10 million barrels of gasoline, almost unchanged on the week.

EIA’s figures for the week to August 19 echoed the data released yesterday by the API, but were notably more modest. The industry body announced an estimated 4.46-million-barrel build in crude oil inventories, which ran counter to almost all forecasts of analysts. Even those polled by S&P Platts expected a much more modest increase of 200,000 barrels.

The API also said gasoline inventories were down by 2.2 million barrels and strategic inventories at the Cushing, Oklahoma hub went up by 417,000 in the seven-day period under review.

Data from the API and the EIA are often contrasting, which adds to the volatility of the market, especially amid other developments such as the coming OPEC meeting in September where a production freeze will be discussed. However unlikely an upcoming freeze, traders are still sensitive about any information on this topic.

The latest news in this respect came from Iraq, whose Prime Minister Haider Al-Abadi said the country, which is OPEC’s second-largest exporter, is unwilling to cap its crude oil output at the moment. Quite the contrary – Iraq is looking to increase its oil production, because, Al-Abadi said, “Iraq is still below what it should produce.”

At the time of writing of this article, Brent crude was down, trading at US$49.12 a barrel with WTI down to US$46.92 a barrel, reflecting the continuous pressures on international crude markets.

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