EIA data shows unexpected crude inventory build, contrasting forecasts and adding pressure to oil prices near $82.81.
US crude oil inventories increased by 17.423K barrels for the week ending August 7, defying expectations of a 1405K-barrel draw. The surprise build follows a prior week gain of 2479K barrels, signaling weaker-than-anticipated demand.
Gasoline and distillate stocks also diverged from forecasts, with gasoline down 1199K barrels versus expectations and distillates declining 200K barrels. API data released earlier showed a larger crude build of 9072K barrels, while gasoline and distillates fell by 1531K and 596K barrels, respectively.
WTI crude prices dipped 40 cents to $82.81 per barrel, influenced by the inventory data and ongoing Iran-related geopolitical headlines. The Strategic Petroleum Reserve continued its drawdown, releasing another 6.1 million barrels and dropping below 300 million barrels.