• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day An Indian Opinion on What is Going on in China
  • 12 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Major Crude Draw Sends Oil Prices Higher

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 6.6 million barrels for the week to February 5. Gasoline and middle distillate inventories were mixed again.

The report came a day after the American Petroleum Institute depressed oil traders by reporting a sizeable inventory build in gasoline, dashing hopes of a quick recovery in fuel demand.

Analysts had expected the EIA to report a build in crude oil inventories, at 1.34 million barrels.

A week earlier, the authority had estimated a crude oil inventory draw of 1 million barrels.

In gasoline, the EIA reported an inventory increase of 4.3 million barrels for the reporting period, versus a hefty rise of 4.5 million barrels reported for the previous week.

Gasoline production averaged 8.7 million bpd last week, up from 8.4 million bpd a week earlier.

In middle distillates, the EIA reported an inventory draw of 1.7 million barrels for the week to February 5, with production averaging 4.7 million bpd.

Have you visited the Oilprice YouTube channel yet? Tune in for entertainment, advice, and breaking news!

This compared with no change in inventories a week earlier, leaving them about 8 percent higher than the seasonal five-year average. Production in the last week of January averaged 4.6 million bpd.

The EIA earlier this week revised upwards its price projections for both Brent crude and West Texas Intermediate, saying it now expected them to this year average $53.20 a barrel and $50.21 a barrel, respectively. The benchmarks would rise further, albeit modestly in 2022, according to the authority.

Both Brent and WTI are already trading higher than their forecast average for the year, pushed higher by Covid-19 vaccinations and tighter supply, with some analysts and hedge fund managers expecting prices to go much higher before this year’s end, with the number mentioned ranging from $70-80 to over $100, the latter seen as possible next year.

Brent crude was trading at $61.10 a barrel at the time of writing, and West Texas Intermediate changed hands at $58.24 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on February 10 2021 said:
    Oil prices are trending upwards because of the strengthening fundamentals in the global oil market and the increasingly realistic prospects that the global economy will soon be wide open to business rather than in response to US oil inventory draws.

    The global oil inventories are depleting so fast in volumes far bigger than the US oil inventory draws and that bullish factor is helping the recent surge in oil prices.

    Oil prices have a lot of mileage yet to go.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News