• 1 hour Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
  • 7 days China’s Sinopec Puts $1B Argentina Oil Assets Up For Sale
Kobe Steel Scandal Could Rattle Nuclear Industry

Kobe Steel Scandal Could Rattle Nuclear Industry

The scandal at Japan’s Kobe…

Europe Stands Divided On Gazprom’s Nord Stream 2 Pipeline

Europe Stands Divided On Gazprom’s Nord Stream 2 Pipeline

Gazprom’s Nord Stream 2 megaproject…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

EIA Report Sees Brent Break $50

Oil Barrels

Crude oil inventories are down by 4.1 million barrels from the previous week, sitting at 526.6 million barrels, according to official U.S. crude oil inventory data released Wednesday by the Energy Information Administration (EIA).

This is the sixth consecutive drop in U.S. crude oil inventories.

Oil futures further boosted gains Wednesday on the EIA data for the week ended 24 June, with West Texas Intermediate (WTI) for August delivery at $48.91 per barrel on the New York Mercantile Exchange—up US$1.06 or 2.2 percent from the close on Tuesday.

Brent crude was up 3.33 percent to US$50.02 Wednesday.

The EIA’s data confirms a larger draw that the American Petroleum Institute (API) had reported Tuesday, and also beats analysts’ expectations.

The API Tuesday said U.S. stockpiles fell by 3.9 million barrels in the week to June 24--significantly more than the 2.4 million barrels seen by analysts polled by Reuters.

For the week ended 17 June, the API had said inventories had plummeted by 5.2 million barrels, but EIA data revealed that the draw was much more moderate, at less than a million barrels.

Barrel prices plummeted after the United Kingdom’s decision to leave the European Union last week. Brent oil has been approaching $52 a barrel before uncertainty in international markets and the pound’s devaluation caused the price to plummet.

According to the EIA, total motor gasoline inventories increased by 1.4 million barrels last week, while distillate fuel inventories decreased by 1.8 million barrels. Total commercial petroleum inventories decreased by 1.0 million barrels last week.

Related: Can The Natural Gas Rally Continue?

Crude oil refineries in the United States processed 16.7 million barrels a day in the week ending on June 24th - 190,000 bpd more than the week before. On average, the refineries operated at 93 percent capacity.

In contrast, gasoline production in the U.S. decreased last week, averaging at 10.0 million barrels per day and distillate fuels were churned out at a rate of 5.0 million bpd.

U.S. crude oil imports dropped by 884,000 to 7.6 million bpd over the past seven days. The four-week oil imports average stands at 7.8 million bpd, the report said.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News