Oil Slammed After EIA Reports Significant Crude Build

The figure exceeded the 942,000-barrel build reported by the American Petroleum Institute yesterday, which rattled markets yet again.Refineries last week processed an average of 16.6 million barrels daily, down by 64,000 barrels on the week. Gasoline production averaged 10 million barrels, basically flat on the week. The stockpiles of the most popular fuel went down by 700,000 barrels, still remaining considerably above the average for the season.xGasoline prices have been climbing up over the last three weeks, according to the EIA. This, however, may very well change next week, as Labor Day marks the end of the driving season and higher demand. This year’s driving season saw the lowest gasoline prices for the last 12 years, reflecting the glut in crude and fuels.

Source: Oil Slammed After EIA Reports Significant Crude Build | OilPrice.com

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