• About Us
  • Partners
  • Contact
Tuesday, September 19, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Energy Intelligence
No Result
View All Result
The Energy Intelligence
No Result
View All Result
hhh hhh hhh
ADVERTISEMENT
Home Uncategorized

Oil prices fall after EIA confirms crude inventory build

by Ayobami Adedinni
August 1, 2018
in Uncategorized
0
Oil prices fall after EIA confirms crude inventory build

Oil prices fall after EIA confirms crude inventory build

0
SHARES
Share on FacebookShare on Twitter
Oman Petroleum and Energy Show
ADVERTISEMENT
ADVERTISEMENT

After yet another surprise report—this time of an inventory build—from the American Petroleum Institute weighed on prices yesterday, the Energy Information Administration confirmed a build, reporting U.S. crude oil inventories had added 3.8 million barrels last week.
At 408.7 million barrels, the EIA said, crude oil inventories were below the five-year seasonal average.
Analysts polled by IG Group had expected a slight inventory decline of 200,000 barrels, after the previous week’s major, 6.1-million-barrel draw reported by the EIA.
In gasoline, the EIA reported a draw in inventories, at 2.5 million barrels, compared with 2.3 million barrels a week earlier. Gasoline production averaged 10.5 million bpd between July 23 and 27, up slightly on the previous week.
In distillates, the agency reported an inventory increase of 3 million barrels. This compares with a draw of 100,000 barrels a week earlier.
Refineries produced 5.2 million barrels of distillates daily last week, basically unchanged from a week earlier.
The average daily throughput of refineries stood at 17.5 million barrels of crude, almost 200,000 bpd more than in the previous week, with the facilities operating at 96.1 percent of capacity.
Production of crude oil is expected to stay at record highs for the time being despite pipeline constraints in the Permian—the top performer in the U.S. oil patch.
Prices, meanwhile, remain volatile. OPEC’s production, according to a Reuters poll, inched up by just 70,000 bpd last month despite assurances that the cartel would be able to quickly ramp up production to make up for any loss of supply from Iran. This pulled oil prices higher this week.
On the other hand, another poll suggested the United States and OPEC together would be able to offset the decline in supply and satisfy growing demand in Asia. Prices, according to this poll, will average US$67.32 per barrel for WTI this year, and US$72.87 per barrel for Brent crude.
Source: OilPrice

Tags: eiaOPEC
Ayobami Adedinni

Ayobami Adedinni

Ayobami founded The Energy Intelligence in 2017. He is an experienced energy journalist having previously worked for two national dailies. At The Energy Intelligence, Ayobami provides market intelligence to leaders in the African clean energy space. When he's not writing, he's busy daydreaming.

YES! Summit Connects Africa’s Youth with Opportunities in the Energy Sector

YES! Summit Connects Africa’s Youth with Opportunities in the Energy Sector

June 19, 2023
Game Changer: $100M equipment finance unleashed for solar companies in Nigeria

Game Changer: $100M equipment finance unleashed for solar companies in Nigeria

May 22, 2023
Top HR Expert to Promote Renewable Energy Career Opportunities at ELD 2023

Top HR Expert to Promote Renewable Energy Career Opportunities at ELD 2023

January 17, 2023

Popular News

    Tweet at us!

    Connect with us

    Newsletter

    Join thousands of other senior energy decision makers and gain access to exclusive stories and reports
    SUBSCRIBE

    Category

    • Amazons in Energy
    • Bio Energy
    • Clean Cooking
    • Climate Change
    • EnergyPreneur
    • Environment
    • Events
    • Food and Pharmaceuticals
    • Gas
    • Geothermal Energy
    • Governance
    • GreenTech Made in Africa
    • Hydro Power
    • Hydrogen Power
    • Industry News
    • Insight
    • Logistics
    • Magazine
    • Marine Services
    • Nuclear Power
    • Oil
    • Partners
    • Press Release
    • Recycling
    • Solar Energy
    • Solid Minerals
    • Sustainable Mobility
    • Technergy
    • Uncategorized
    • Wind Power

    Our Mission

    The Energy Intelligence is dedicated to focusing on all the key trends and developments that are emerging from within the Global Energy industry through Business Intelligence, Networking and Strategic Communications.

    • About Us
    • Partners
    • Contact

    © 2020 The Energy Intelligence. All rights reserved

    No Result
    View All Result
    • Home
    • Solid Minerals
    • Oil
    • Marine Services
    • Industry News
    • Insights
    • Partners

    © 2020 The Energy Intelligence. All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    You cannot copy content of this page