• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 min America's pandemic dead deserve accountability after Birx disclosure
  • 1 day Fukushima
  • 6 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 16 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 1 day Joe Biden's Presidency
  • 9 hours New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 4 days The coming Cyber Attack
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 Prices Fall As EIA Reports Large Crude Build

The Energy Information Administration reported a crude oil inventory build of 5.7 million barrels for the week to October 25, pressuring oil prices a day after the American Petroleum Institute reported an estimated fourth consecutive inventory build, of 592,000 barrels.

Analysts expected a build of 729,000 barrels for last week after a 1.7-million-barrel draw interrupted a string of five weekly inventory builds, which added more than 19 million barrels to U.S. commercial crude oil inventories.

The EIA also reported gasoline inventories had shed 3.0 million barrels in the week to October 25, with production averaging XX million barrels daily. This compared with a 3.1-million-barrel decline in gasoline stockpiles a week earlier and production of 10.1 million bpd.

Distillate fuel inventories, meanwhile, fell by 1.0 million barrels last week, with production averaging 5.0 million barrels daily. A week earlier, distillate fuel inventories shed 2.7 million barrels while production averaged 4.8 million barrels daily.

Refineries processed 16.0 million barrels daily in the reporting period, with imports at 6.7 million bpd, the EIA also said.

Meanwhile, oil prices have been trending lower on the back of more clouds gathering on the horizon of a U.S.-Chinese trade deal.

“The market has largely ignored the decline in U.S. crude inventories and assumed the demand side will remain weak in the foreseeable future as the global cyclical slowdown deepens,” one energy analyst from CMC Markets told CNBC. Related: Tesla’s Tipping Point: Breaking Into China

At the same time, worry about the OPEC+ production cut agreement has increased after Russia’s Deputy Energy Minister said in a recent interview it was too early to discuss steeper cuts despite oil prices’ resilience to the current cuts.

In addition to these ongoing issues, third-quarter earnings season has so far presented mixed results. While some, such as ConocoPhillips, exceeded analyst expectations, others, such as BP, have posted a loss. These results have highlighted the precarious position of the oil industry: despite strict cost control, swings in oil prices can still lead to unpleasant surprises.

At the time of writing, Brent crude traded at $60.93 per barrel, with WTI at $55.06 per barrel both slightly down from yesterday’s close.

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