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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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EIA Confirms Crude Build, Surprises with Products Draw

Refinery

Crude oil prices moved slightly higher today, after the Energy Information Administration reported an inventory increase of 3.5 million barrels for the week to February 16.

This followed a sizeable build of 12 million barrels for a week that also saw gasoline and middle distillate fuel inventories decline.

For the week to February 16, the EIA also reported an estimated gasoline inventory draw of 300,000 barrels, which compared with a decline of 3.7 million barrels for the previous week.

Gasoline production averaged 9 million barrels daily last week, which compared with 9.2 million barrels daily for the previous week.

In middle distillates, the EIA estimated an inventory draw of 4 million barrels for the week to February 16, which compared with an inventory draw of 1.9 million barrels for the previous week.

Middle distillate production averaged 4.2 million barrels daily last week, which compared with 4.1 million barrels daily for the week before.

A week before the EIA released its weekly report, the American Petroleum Institute’s inventory estimates for the week to February 16 showed a build of 7.2 million barrels in crude oil, plus a minor build in gasoline stocks, of less than 500,000 barrels and a sizeable draw in middle distillates, by close to 3 million barrels.

Oil prices, meanwhile, have been on the rise, mostly fueled by events in the Middle East, where the Israel-Hamas war shows no signs of progress toward peace. Despite the API’s report on Wednesday, prices gained, to end the session higher, with West Texas Intermediate settling 1.1% higher and Brent booking a 0.8% gain for the day.

At the time of writing, the benchmarks were still trending higher, likely on indications of a tightening supply situation, as suggested by a Bloomberg report, citing timespreads on the oil market.

Worries about oil demand in the light of signals from the Fed that it will not rush with rate cuts countered the bullish effect of Middle East affairs and the perception of a tightening supply situation.

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By Irina Slav for Oilprice.com

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  • George Doolittle on February 22 2024 said:
    I think the size of the US oil market continues to fall dramatically in both size and value compared to so many other alternative energy sources now. Fuel *DELIVERY* costs remain at record highs but that could change with yet another jump in solar and wind energy output. Also a pure play battery electric truck can be used as a fuel delivery vehicle. Trying to make money with a very low price of an item is one of the ultimate challenges in business but certainly has a long History of this being done in the USA and being "economic"(sustained) such as the US automotive Industry but for the past few Years. US energy Industry continues to innovate and produce as is happening in Australia and the Netherlands. Long former Royal Dutch Shell $shel shell energy strong buy. Incentive to get refined copper from literally anywhere including outer space now even very much impresses at the moment. Real estate mania truly has busted tho on the down side.

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