Oil Prices Dip Slightly as EIA Reports Major Crude Inventory Build
WTI trades near $83 after U.S. commercial crude stockpiles surge by 17.4 million barrels, weighing on the market.
Oil prices edged lower in midday trading Wednesday after a U.S. government report showed a massive, unexpected build in commercial crude inventories. West Texas Intermediate (WTI) crude was trading at $83.12 per barrel, down 8 cents on the day, according to live price data. The international benchmark Brent crude was at $88.64, down 27 cents.
The price pressure followed the U.S. Energy Information Administration's (EIA) weekly petroleum status report, which showed commercial crude oil inventories surged by 17.4 million barrels for the week ending August 7, according to OilPrice.com. The build brings total stockpiles to 424.4 million barrels, a level just 2% below the five-year average for this time of year.
The inventory data, which far exceeded analyst expectations, interrupted two days of steady price gains. OilPrice.com reported that crude futures sagged in early morning trade following the release.
For Bakken operators, the price for their crude is benchmarked against WTI, with a local differential. The Bakken differential was reported at -$3.42 versus WTI midday Wednesday, meaning Bakken crude was priced at approximately $79.70 per barrel.
The EIA report also showed mixed signals for refined products. Total motor gasoline inventories fell by 1.0 million barrels, while distillate inventories decreased by 100,000 barrels. Distillate stocks remain 12% below the five-year average.
A key measure of demand, total products supplied, averaged 20.7 million barrels per day over the last four weeks. This figure is down 2.1% compared to the same period last year, according to OilPrice.com. Gasoline demand averaged 9.0 million barrels per day, while distillate demand saw a 1.9% year-over-year increase.
Despite the day's dip, prices remain significantly higher than a week ago. OilPrice.com noted that WTI was up roughly $7.50 per barrel from the same time last week, while Brent was up about $9.
Natural gas prices showed a slight gain, trading at $2.80 per barrel, up 3 cents on the day.
The substantial inventory build is the primary market mover, suggesting that current supply is outstripping demand. For Bakken producers, the wider market context keeps local crude prices in the high-$70s, a level that influences drilling and completion budgets across the Williston Basin.
Source
Live price data, OilPrice.com article "EIA Sees Massive Uptick in US Crude Oil Inventories" published August 12, 2026.
