• 59 mins Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 18 hours Oil Prices Rise After API Reports Major Crude Draw
  • 19 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 19 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 20 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 21 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 22 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 23 hours Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 8 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 8 days Iraq Oil Revenue Not Enough For Sustainable Development
Alt Text

Oil Prices Stuck Ahead Of OPEC Meeting

Oil prices are holding steady…

Alt Text

Who's Next? Venezuela's Collapse Puts These Nations At Risk

While investors have been ignoring…

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

Oil Tanks After EIA Reports Surprise Crude, Gasoline Build

Distillate tanks

A day after the API reported a 5.04-million-barrel decline in commercial U.S. crude oil inventories, the Energy Information Administration crushed hopes of a prolonged price recovery by reporting a build of 2.3 million barrels for the week to January 13, to a total of 485.5 million barrels.

Last week, the EIA reported an increase of 4.1 million barrels in commercial crude oil inventories, versus analyst expectations of a 930,000-barrel build.

According to the EIA, in the week to January 13 refineries processed 16.5 million barrels of crude daily, down by 639,000 bpd on the week, producing 9 million barrels per day of gasoline, down on the previous week’s 9.7 million barrels daily.

Inventories of the fuel rose by 6 million barrels in the period, compared with a 5-million-barrel increase in the week to January 6. Yesterday, the API estimated that gasoline inventories had jumped by a hefty 9.75 million barrels.

Imports of crude oil for the week to January 13 stood at 8.4 million barrels daily, a palpable decline on the previous week’s 9.1 million bpd.

Earlier this week, in its Drilling Productivity Report, the EIA estimated that domestic output from the shale patch would be 41,000 bpd higher in February than in January, thanks mostly to a substantial production rise in the Permian, which will offset declines in other shale plays.

This growing local production could lead to further builds in inventories, so we may see more weekly reports like today’s and last week’s.

International oil prices are still on the seesaw, hovering around the US$50 mark but suffering from continuing doubts about the OPEC deal and the projections of higher shale output, which could partially offset the desired effect of the deal, if it is ever achieved.

At the time of writing, WTI was trading at US$51.74 a barrel, and Brent was at US$54.52 a barrel.

(Click to enlarge)

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • GregSS on January 19 2017 said:
    Surprise build in Crude and Gasoline?

    What surprise are we talking about here? Look at the 5 year chart and you'll see that Crude and Gasoline always build this time of year. If anything the surprise was the API report claiming a draw of 5 million barrels.
  • Bud on January 19 2017 said:
    Oil tanks? Shouldn't that term be reserved for 10% plus daily moves, not a price moving up and down a few dozen cents per day.

    The real news is that eia weekly data has become worse than useless. How many times a year can they use a plug for week by week delta and tell us there is no change in lower 48 production.

    Producing at near 9 million bpd it is simply not credible that production week by week doesn't change by more than a thousand bpd.

Leave a comment




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