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Oil Prices Slide As EIA Reports Crude Build

  • The U.S. Energy Information Administration reported crude oil inventories had added 3.3 million barrels over the week to July 8.
  • In gasoline, the EIA estimated an inventory increase of 5.8 million barrels for last week.
  • In middle distillates, the authority reported an inventory build of 2.7 million barrels. 

Crude oil prices retreated further today after the U.S. Energy Information Administration reported crude oil inventories had added 3.3 million barrels over the week to July 8.

This compared with a hefty build of 8.2 million barrels estimated for the previous week.

A day before the EIA released its weekly report, the American Petroleum Institute estimated a 4.76 million barrels for the week to July 9.

In gasoline, the EIA estimated an inventory increase of 5.8 million barrels for last week, which compared with a draw of 2.5 million barrels for the previous week.

Gasoline production in the week to July 9 averaged 8.9 million bpd, which compared with 10.3 million bpd a week earlier.

In middle distillates, the authority reported an inventory build of 2.7 million barrels for last week, which compared with a decline of 1.3 million barrels for the previous week.

Middle distillate production last week averaged 5.1 million barrels daily, compared with 5.4 million bpd a week earlier.

Oil prices, meanwhile, again fell below $100 this week, pushed by continued concern about the immediate future of the global economy. On Tuesday, oil dropped by 7 percent on fears of demand destruction in the second half of the year.

Worry about further restrictions in China over Covid helped push oil lower as well, after Beijing locked down a town of 300,000 after a single Covid case was detected there. Lockdowns tend to interfere with oil demand, which makes them a major bearish factor for oil.

Meanwhile, U.S. refineries continued operating at higher than usual capacity rates, with the average for last week at 94.9 million bpd. This compared with 94.5 percent a week earlier.

Imports averaged 6.7 million bpd last week, which compared with 6.8 million bpd a week earlier.

At the time of writing, Brent crude was trading at $98.86 per barrel, and West Texas Intermediate was changing hands for $95.33 per barrel, both down after an earlier rebound from the Tuesday drop.

By Irina Slav for Oilprice.com

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Leave a comment
  • George Doolittle on July 13 2022 said:
    The problem with oil (being priced so high) isn't *OIL* per se but an insane current extant production reality going on forever of the *"ICE Platform"* which simply put isn't in high demand in the least other than as foreign military contract sales at the moment.

    In theory the Ford Maverick is changing that but by ICE Platform standards to call that rollout *SLOW* is an understatement...and in that sales vacuum roles in pure BEV *BIG TIME* now as I think the USA is simply disgusted indeed outright hates and despises and wants to see DEAD the *"MURDER MACHINE PEOPLE."*

    Former President Trump committing suicide publicly and on his fancy new app might help assuage this conditional reality of course...and help out the energy business in the meantime. Shall we all ahem *"hold our breath in the meantime"* ahem? Or just have the air withheld from our longs well of course this the latter far better to be true goes without saying.

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