• 2 days Court rules DOE to implement Obama efficiency rules
  • 5 hours DOA to invest $6.5M in coal industry
  • 6 hours US to hold largest oil and gas lease sale in its history
  • 1 day Tillerson Seeks A Deal With Erdogan On Syria
  • 1 day White House considering steel and aluminum tariffs
  • 2 days Iraq Seeks $100 Bln to Rebuild Economy
  • 2 days Allegedly the Search For Aliens is Struggling Thanks to Cryptocurrency Mania
  • 4 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 2 days Amazon reaches $1.2 million settlement with EPA over illegal pesticide sales
  • 5 hours White House Not Even Close to Regulating Bitcoin Yet
  • 1 day U.S. Bancorp hit with $613M in penalties
  • 5 hours Experts said US losing ground to China on AI
  • 2 days Australia's solar power boom to double in a year
  • 2 days US intelligence warn against Chinese phones
  • 2 days Electric Buses to Reach Half of World Fleet by 2025
  • 2 days How Good Is Putin's Word?
IEA Warns Of New Oil Glut

IEA Warns Of New Oil Glut

In its latest Oil Market…

Clean Energy Stocks Outperform Oil And Gas

Clean Energy Stocks Outperform Oil And Gas

Green energy stocks saw tremendous…

U.S. Crude Inventories Down 2.2 Million Barrels – EIA

Cushing Oil Storage

The Energy Information Agency repored that U.S. commercial crude oil inventories declined by 2.2 million barrels in the week to July 1, standing at 524.4 million barrels. The American Petroleum Institute yesterday reported that according to its calculations commercial inventories had dropped by 6.7 million barrels.

While the API figures sent WTI higher, the official data compiled by the EIA immediately weighed on the U.S. benchmark. WTI was trading at US$46.82 a barrel within an hour of the release of EIA’s report.

The EIA remarked that the current level of commercial stockpiles is record-high for this time of year, when driving season is in full swing. Related to this, gasoline inventories were down by a meager 100,000 barrels, with the total remaining also above average for the time of year, and considerably. Gasoline production, on the other hand, went up by 10 million barrels daily.

Refineries in the U.S., operating at 92.5 percent of capacity, processed 16.7 million bpd last week, which was 8,000 barrels lower than the week before, on average.

In production, preliminary figures revealed a 194,000-barrel draw in the week to July 1.

The continuing record-high levels of crude and fuel stockpiles are worrying analysts, especially coupled with data about the addition of more active rigs across the shale play. As many as 11 oil rigs were added to the total in the week to July 1, Baker Hughes reported, indicating a returning confidence among shale oil producers, encouraged by the rally in oil prices. The sustainability of this rally is questionable, however, as international prices took a sharp plunge after Brexit on renewed worry about the state of the global economy.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Jay on July 07 2016 said:
    Why is there such a huge difference between the EIA and API for recording. And how in anyway can traders turn bearish after a draw of 2.2 million barrels a day. Might not be as high as they were expecting but I'm sure there were not expecting weekly oil production to drop by 195,000 barrels a day either now at 8.4 million barrels a day. These traders and experts I swear are some of the dumbest people I have seen speak on tv or at conferences or have read about. Watch all these idiots tomorro proclaim tomorrow that because a rise in 5-10 rigs that us weekly oil production will now begin increasing instead of falling off a cliff . So stupid, not a clue

Leave a comment

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