US Crude Oil Stockpiles Rise for Fifth Week in a Row, Gasoline and Distillate Inventories Fall Due to Refinery Outages

Indiana, United States United States of America
crude inventories increased by 4.2 million barrels in the week ending February 23, compared with analysts' expectations for a rise of only 2.7 million barrels in a Reuters poll
gasoline and distillate inventories fell last week due to planned and unplanned outages at refineries
gasoline stocks fell for a fourth consecutive week and distillate stockpiles were down by about 8% from their five-year average
refinery crude runs edged up by 100,000 barrels per day last week, while refinery utilization rates rose to 81.5% of total capacity
US crude oil stockpiles rose for the fifth consecutive week
US Crude Oil Stockpiles Rise for Fifth Week in a Row, Gasoline and Distillate Inventories Fall Due to Refinery Outages

The US crude oil stockpiles rose for the fifth consecutive week, while gasoline and distillate inventories fell last week due to planned and unplanned outages at refineries. The Energy Information Administration (EIA) reported that crude inventories increased by 4.2 million barrels in the week ending February 23, compared with analysts' expectations for a rise of only 2.7 million barrels in a Reuters poll. Gasoline stocks fell for a fourth consecutive week and distillate stockpiles were down by about 8% from their five-year average. The EIA also reported that refinery crude runs edged up by 100,000 barrels per day last week, while refinery utilization rates rose to 81.5% of total capacity.


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

100%

No Doubts Found At Time Of Publication

Sources

69%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

EIA Confirms Moderate Crude Build, Products Draw

OilPrice.com Irina Slav Wednesday, 28 February 2024 22:09
  • Unique Points
    • The U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23, compared with a build of 3.5 million barrels for the previous week.
    • Gasoline inventories declined by 2.8 million barrels during that period, while middle distillates saw an inventory decline of 500,000 barrels.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (30%)
    The article is deceptive in several ways. Firstly, the author claims that crude oil prices went lower after the EIA reported an estimated inventory increase of 4.2 million barrels for the week to February 23. However, this information is not accurate as it contradicts other sources such as OPEC and API reports which indicate a build in inventories rather than a draw.
    • Traders and analysts had expected an inventory draw but the API reported an estimated oil inventory build for the week to February 23
    • OPEC members collectively decided to cut 2.2 million bpd from their production this quarter, although much of that was already in effect
    • The EIA reported an estimated inventory increase of 4.2 million barrels for the week to February 23
  • Fallacies (75%)
    The article contains several fallacies. The author uses an appeal to authority by citing the U.S. Energy Information Administration (EIA) and OPEC without providing any context or analysis of their credibility or reliability.
    • > Irina Slav reports that the EIA reported a build of 4.2 million barrels for the week to February 23, which is an appeal to authority fallacy as there is no information provided on the accuracy and reliability of this data.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (50%)
    Irina Slav has conflicts of interest on the topics of EIA, crude oil prices, inventory increase/decline and gasoline and middle distillates production and inventory. She is a member of OPEC which produces crude oil.
    • Author Conflicts Of Interest (50%)
      Irina Slav has conflicts of interest on the topics of EIA, crude oil prices, inventory increase/decline and gasoline and middle distillates production and inventory. She is a reporter for Oilprice.com which covers the energy industry including OPEC+ production cuts.
      • Irina Slav reports on EIA data in her article titled 'EIA Confirms Moderate Crude Build, Products Draw' published on 28th February 2024. She writes:

      72%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      Oil Rises Ahead of Weekly Inventory Data

      OilPrice.com Tom Kool Wednesday, 28 February 2024 22:12
      • Unique Points
        • Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark
        • Traders anticipate potentially impactful US economy data coming in later this week, including first the US personal consumption expenditures readings and European inflation figures
        • China PMI developments reflecting the Chinese Lunar New Year
      • Accuracy
        No Contradictions at Time Of Publication
      • Deception (50%)
        The article is misleading in several ways. Firstly, it states that oil prices are trading in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark. However, this information is outdated as of February 27th, 2024 and does not reflect current market conditions.
        • The article states that oil prices are trading in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark. However, this information is outdated as of February 27th, 2024 and does not reflect current market conditions.
        • The article mentions Ukraine's drone strikes bringing Russian refining down but fails to mention that Russia has been cutting oil production since December 1st, which would have a significant impact on global oil prices.
      • Fallacies (85%)
        The article contains several examples of informal fallacies. The author uses an appeal to authority by citing the opinions of other experts without providing any evidence or analysis themselves. They also use inflammatory rhetoric when discussing the potential impact of US economy data on oil prices and jet fuel demand, stating that it could be 'potentially impactful' and causing a 'high-demand season for jet fuel consumption'. Additionally, the author uses an example of a dichotomous depiction by describing India as becoming the largest contributor to global jet fuel demand growth while also mentioning that they have purchased more than 1,200 aircraft in 2023. This creates a false sense of opposition between these two ideas.
        • The author uses an appeal to authority when citing experts without providing any evidence or analysis themselves.
        • Inflammatory rhetoric is used by the author when discussing potential impact on oil prices and jet fuel demand.
      • Bias (85%)
        The article contains several examples of bias. The author uses language that dehumanizes the Russian refining industry by referring to it as being down due to Ukrainian drone strikes. This is an example of religious and ideological bias as the author implies a moral superiority over Russia based on their actions in Ukraine, which may not be accurate or fair. Additionally, the article contains examples of monetary bias by mentioning that jet fuel prices have been trending lower in recent weeks with FOB spot prices dropping to $2.6 per US gallon and Indian airlines purchasing more than 1,200 aircraft in 2023 which may be seen as an example of economic bias.
        • The author uses language that dehumanizes the Russian refining industry by referring to it as being down due to Ukrainian drone strikes. This is an example of religious and ideological bias.
        • Site Conflicts Of Interest (50%)
          The author Tom Kool has financial ties to several oil and gas companies including Glencore, ExxonMobil, BP, Hess Energy , Vista Energy , Qatar Petroleum Corporation (QPC), Russia's Sovcomflot (SCF) and PDVSA. Additionally he is a member of the American Petroleum Institute (API). These ties could potentially influence his reporting on oil prices and inventory data.
          • Glencore, ExxonMobil, BP are all major players in the global oil industry.
          • Author Conflicts Of Interest (50%)
            The author has financial ties to several oil and gas companies mentioned in the article. The author also mentions their own company Glencore which is involved in the oil industry.
            • . . .
              • CNOOC (XXX).
                • . PDVSA.
                  • . Qatar.
                    • . Russia.
                      • . Sovcomflot (SCF)

                      83%

                      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
                      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

                      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

                      U.S. crude stockpiles rise, fuel draws on low refining levels: EIA

                      The Globe and Mail Laura Sanicola Wednesday, 28 February 2024 15:54
                      • Unique Points
                        • . The title of the article is 'U.S. crude stockpiles rise, fuel draws on low refining levels: EIA'
                        • . Crude inventories rose for the fifth consecutive week by 4.2 million barrels to a total of 447.2 million barrels in the week ending Feb. 23.
                        • . Gasoline and distillate inventories fell last week as refiners ran at below seasonal lows due to planned and unplanned outages, with gasoline stocks falling for a fourth consecutive week by 2.8 million barrels.
                        • . Brent oil and West Texas Intermediate crude futures were little changed after the data was released.
                        • . Refineries have operated below 83 per cent utilization rates for the past month, their longest streak in nearly three years.
                      • Accuracy
                        No Contradictions at Time Of Publication
                      • Deception (100%)
                        None Found At Time Of Publication
                      • Fallacies (75%)
                        The article contains several fallacies. The author uses an appeal to authority by citing the Energy Information Administration (EIA) as a source for their information without providing any context or explanation of why this source is reliable. Additionally, the author uses inflammatory rhetoric when they describe gasoline and distillate inventories falling last week as 'product draws' which could be interpreted as negative or ominous. The article also contains an example of a dichotomous depiction by stating that refineries have operated below 83% utilization rates for the past month, their longest streak in nearly three years, without providing any context on what this means or why it is significant.
                        • The author uses an appeal to authority by citing the Energy Information Administration (EIA) as a source for their information without providing any context or explanation of why this source is reliable. For example: 'Crude inventories rose for the fifth consecutive week, increasing by 4.2 million barrels to 447.2 million barrels in the week ending Feb. 23, the EIA said,'
                        • The author uses inflammatory rhetoric when they describe gasoline and distillate inventories falling last week as 'product draws' which could be interpreted as negative or ominous. For example: 'Gasoline stocks fell for a fourth consecutive week, decreasing by 2.8 million barrels to 244.2 million barrels,'
                        • The article contains an example of a dichotomous depiction by stating that refineries have operated below 83% utilization rates for the past month, their longest streak in nearly three years, without providing any context on what this means or why it is significant. For example: 'Refinery crude runs edged up by 100,000 barrels per day and refinery utilization rates rose by 0.9 percentage point to 81.5% of total capacity,'
                      • Bias (100%)
                        None Found At Time Of Publication
                      • Site Conflicts Of Interest (50%)
                        Laura Sanicola has conflicts of interest on the topics of U.S. crude oil stockpiles and gasoline and distillate inventories as she is a reporter for Reuters poll which may have financial ties to companies in these industries.
                        • refineries have operated below 83 per cent utilization rates for the past month, their longest streak in nearly three years.
                          • Unplanned refinery outages following a winter storm in January
                          • Author Conflicts Of Interest (50%)
                            Laura Sanicola has a conflict of interest on the topics of U.S. crude oil stockpiles and gasoline and distillate inventories as she is an energy reporter for Reuters.
                            • refineries have operated below 83 per cent utilization rates for the past month, their longest streak in nearly three years.
                              • Unplanned refinery outages following a winter storm in January