13 Sep, 23

Builds In Crude, Fuel Inventories Weigh On Oil Prices

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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. Those large draws were made during peak demand season and there is a chance that now inventory draws may moderate or possibly even reverse as demand declines seasonally. In fuels, meanwhile, the EIA estimated a gasoline…

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