WTI $102.54 down 59 cents Brent $108.36 down $0.28
There is an awful lot of the stuff sloshing around.
Analysis of U.S. EIA data: U.S. crude oil stocks rose 2.64 million barrels last week
U.S. commercial crude oil stocks rose an unexpected 2.64 million barrels to 358.26 million barrels the week ended September 20 on lower refinery runs and higher imports, U.S. Energy Information Administration (EIA) data showed Wednesday.Yesterday:
A Platts analysis and survey of oil analysts Monday showed crude oil stocks had been expected to fall 1.5 million barrels for the reporting week ended September 20.
The build was predominantly in the U.S. Gulf Coast (USGC), where stocks rose 2.6 million barrels to 179.91 million barrels.
Crude oil runs at USGC refineries plummeted 400,000 barrels per day (b/d) to 8.07 million b/d during the week ended September 20, EIA data showed. Platts data shows Phillips 66's 239,000 b/d Lake Charles refinery in Westlake, Louisiana, had begun planned maintenance on a crude oil distillation unit as of September 18.
ExxonMobil's 502,500 b/d refinery in Baton Rouge, Louisiana, started planned maintenance September 15 to upgrade a furnace at one of the facility's crude oil units and to replace two diesel hydrotreaters.
Unplanned work on at Delek's 60,000 b/d Tyler, Texas, refinery took a fluid catalytic cracker out of service for a period of time during the week ended September 20, with flaring associated with the work lasting around seven hours during the night of September 19.
A 502,000 b/d jump in USGC crude oil imports – which rose to 3.97 million b/d – also supported a build in crude oil stocks. Total U.S. imports rose 347,000 b/d to 7.93 million b/d, outpacing domestic production, which fell 50,000 b/d to 7.78 million b/d during the week ended September 20...MUCH MORE
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