Crude oil prices ticked lower today after the Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8. This compared with a draw of 6.3 million barrels for the previous week, which in turn followed another massive inventory decline of 10.6 million barrels for the week before that.
EIA: US crude inventories up by 4 million barrels
Crude oil stockpiles in the United States went up by 4 million barrels to 420.6 million barrels in the week ending September 8, according to the weekly report released on Wednesday by the US Energy Information Administration (EIA).
Total commercial petroleum inventories experienced an increase of 10.4 million barrels during the same period.
Oil refinery inputs averaged 16.8 million barrels per day (bpd) during the week ending September 8, rising by 177,000 bpd compared to the previous week’s average. Refineries operated at 93.7% of their operable capacity. Meanwhile, gasoline production dropped and averaged 9.2 million bpd. Meanwhile, crude oil imports averaged 7.6 million barrels per day last week, up by 821,000 barrels compared to the previous week. NN: Oil is trading in the danger zone. It will not take much for crude to plunge by $10 a barrel. Upside is less then $5. the risk to reward does not work. Also every candle stick ass hole and his colleagues are flirting with fire here. I see a great big bear trap.