Crude inventory rises by 2M barrels for the week ended July 17 – EIA
Seeking Alpha ·
Commercial crude stocks (excluding those in the Strategic Petroleum Reserve) for the week ended July 17: 411.7M barrels . Crude inventory change: +2M barrels vs. -1.7M barrels for the week ended July 10. Gasoline inventory change: +0.8M barrels vs. -1.5M
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According to the U.S. Energy Information Administration (EIA), commercial crude oil inventories for the week ending July 17 increased by 2 million barrels to 411.7 million barrels compared to the previous week. Contrary to market expectations of a decline, this raised oversupply concerns and acted as downward pressure on the oil market. Investors should prepare for volatility in energy-related assets, keeping in mind the possibility of a slowdown in the pace of demand recovery.
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- Crude Oil — Crude inventories rose by 2 million barrels and gasoline inventories increased by 800,000 barrels, highlighting oversupply concerns and increasing downward pressure on oil prices.
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