EIA Sees Massive Uptick in US Crude Oil Inventories
Ukraine Halts Oil Tanker Attacks on JD Vance Request Saudi Arabia's East-West Pipeline bypasses… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Crude oil inventories in the United States saw a massive increase of 17.4 million barrels during the week ending August 7, according to new data from the U.S.
Energy Information Administration (EIA) released on Wednesday.
The increase brings commercial stockpiles to 424.4 million barrels, according to government data, which are now just 2% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by a hefty9.072 millionbarrels in the period.
Crude futures sagged in early morning trade after two days of steady gains.
in New York,Brentfutures were trading at $88.52per barrel—down $0.39 (-0.44%) on the day but up roughly $9 per barrel from this same time last week.WTIwas also trading slightly down on the day, by $0.44 per barrel (-0.53%) on Wednesday morning at $82.76, up $7.50 per barrel since this time last week.
For total motor gasoline, the EIA reported that inventories fell 1.0 million barrels, after falling by 1.6 million barrels in the week prior.
The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels.
For middle distillates, inventories decreased by 100,000 barrels with production increasing to an average of 5.3 million barrels daily.
Distillate inventories are now 12% below the five-year average.
oil demand—averaged 20.7 million barrels per day over the last four weeks, down 2.1% compared to the same period last year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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