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It’s all under control

EIA says crude inventories grew this week! ADNOC released OSPs, OPEC cut its oil demand growth forecast and US inflation remains subdued.
Published: August 12, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Euro EditionVolume: 3Issue: 155
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EIA says crude inventories grew this week! ADNOC released OSPs, OPEC cut its oil demand growth forecast and US inflation remains subdued.

Trump can claim “total control” as much as he likes, but the fact is almost no vessels are transiting the Strait, under increasing threat of bombings. Some of the more hardline Iranian elements are pushing for Iran to continue the fight against the US until Trump’s term is out. The craziest EIA stat ever?! Crude inventories grew 17.4 mil bbl this week. But it’s largely a function of import/export seesawing: imports jumped 1.14 mil b/d and exports collapsed 627 kb/d, creating a total increase in net imports of almost 1.77 mil b/d w/w. Refinery run rates also declined slightly. Even the monumental crude inventory (the biggest since January 2023) build didn’t move prices much. Oct WTI stayed lodged in the mid-$81 range while Oct Brent remained just below $89/bbl. Oil prices aren’t the crazy ones today, the solar eclipse coming over Europe tonight has seen power prices spike to over €450/MWh in Germany and France. We even received a request from our electricity provider to minimise consumption at that time!

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Written by

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett

About Euro Edition

Benchmark reports published at the end of the London trading day.

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