WTI Falls Despite Crude Draw As Product Inventories Soar
The EIA reported an inventory build in gasoline and another rise in middle distillate stocks for the week to December 2.
Gasoline inventories added 5.3 barrels in the week to December 2, with production averaging 9.1 million barrels daily.
This compared with a build of 2.8 million barrels for the previous week and a production rate of 9.4 million barrels daily.
In middle distillates, the EIA estimated an inventory build of 6.2 million barrels for last week, with production at 5.3 million barrels daily.
Oil prices, meanwhile, are slipping further down as traders relax about the potential consequences of the G7 and EU price cap on Russian oil. It appears they have assumed that it would not affect the availability of oil in any significant way and are selling crude, with both Brent and WTI slipping below $80 per barrel.
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Oilpricecom article link
The EIA reported an inventory build in gasoline and another rise in middle distillate stocks for the week to December 2.
Gasoline inventories added 5.3 barrels in the week to December 2, with production averaging 9.1 million barrels daily.
This compared with a build of 2.8 million barrels for the previous week and a production rate of 9.4 million barrels daily.
In middle distillates, the EIA estimated an inventory build of 6.2 million barrels for last week, with production at 5.3 million barrels daily.
Oil prices, meanwhile, are slipping further down as traders relax about the potential consequences of the G7 and EU price cap on Russian oil. It appears they have assumed that it would not affect the availability of oil in any significant way and are selling crude, with both Brent and WTI slipping below $80 per barrel.
Oilpricecom article link
Oilpricecom article link