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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Oil Dips After EIA Reports Crude Inventory Build

Crude oil prices briefly dipped after the Energy Information Administration reported a crude oil inventory build of 2.1 million barrels for the week to July 16.

Last week’s inventory build compared with a draw of 7.9 million barrels for the previous week and an estimated—and shocking—increase in crude inventories of 806,000 barrels, as reported by the American Petroleum Institute on Tuesday.

At the time of writing, Brent crude was trading at $ 71.53 a barrel and West Texas Intermediate was trading at $69.51 a barrel, both up significantly from opening despite the API’s negative inventory report the day before in what could be interpreted as traders shaking off a perhaps overblown oil demand panic from earlier in the week.

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In gasoline, the authority estimated a stock decrease of 100,000 barrels for the week to July 16, which compared with a build of 1 million barrels reported for the previous week. Production of gasoline last week fell, averaging just 9.1 million bpd, which compared with 9.9 million bpd for the previous week.

Gasoline demand has been on a strong rebound in the United States, sending prices at the pump higher. The national average per gallon of gasoline was $3.16 per gallon as of July 19, per GasBuddy.

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For middle distillates, meanwhile, the EIA reported an inventory draw of 1.3 million barrels for the week to July 16. This compared with an inventory build of 3.7 million barrels for the previous week.

Middle distillate production stayed at 4.9 million bpd last week.

Oil prices have been particularly volatile this week, seeing one of the largest single-day oil price drops ever on Monday as growing fears about the Delta variant and OPEC+ production increases sour the overall industry outlook. 

By Irina Slav for Oilprice.com

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Leave a comment
  • George Doolittle on July 21 2021 said:
    Sounds like good news for coal producers it is then.
    The entire State University of New York education system suddenly bankwupt?

    I imagine that as with many others who suddenly aren't returning to any University in the USA this coming Fall.
    Certainly Sysco looks like a huge short to me here.
    No interest in that name.

    Long $baba Alibaba
    Strong buy
  • Mamdouh Salameh on July 21 2021 said:
    How could this be true when Brent crude has risen today from $69 to $71.77 a barrel?

    Either you should amend your article or at least keep watching the oil price movements.

    Oil prices are resuming their surge after a period of profit-taking and global oil market mulling over the implications of the OPEC+ deal.

    Brent crude is headed towards $80 a barrel in Q3 of 2021.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




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