July 27, 2016
CRUDE OIL INVENTORY/000 BBLS
Week Ended 7/22/2016
Current Inventory: 521,133
Actual Build/(Draw): 1,671
Economist Average Estimate: (2,020)
Previous Inventory: 519,462
Crude oil storage increased for the first time after nine weeks of storage draws. Economist’s estimates called for a draw of 2 million barrels, but the week’s data showed a build of 1.7 million barrels instead. Total gasoline stocks also rose after garnering attention in recent weeks as oversupplied. U.S. crude oil production increased by 148 MBoe/d during the last week.
WTI oil price began the day up $0.25 at $43.17 per barrel prior to the EIA Weekly Petroleum Report. After the release, prices fell fast, dropping just below the $42 per barrel mark within 2 hours of the report.
