• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 3 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 17 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 39 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 6 hours Coal Boom in Asia is Real and a Long Trend
  • 2 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 3 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 12 hours Solar Panels at 26 cents per watt
  • 5 hours Huge UK Gas Discovery
  • 17 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 17 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 17 hours US to become net oil exporter in November: EIA
  • 16 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 15 hours US Shale Drilling lacks regulatory body.
Alt Text

This Overlooked Canadian Oil Niche Is Making Traders Billions

As major pipeline bottlenecks continue…

Alt Text

Norwegian Oil Pioneer: Big Oil’s Exodus Has Started

Norwegian Oil CEO Erik Haugane…

Alt Text

Bullish EIA Data Pushes Oil Prices Higher

After two consecutive weeks of…

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

Trending Discussions

Markets React Stoically To Crude Inventory Draw

The Energy Information Administration reported a 3.4-million-barrel draw in crude oil inventories for the week to November 24, countering the American Petroleum Institute’s estimate of a 1.82-million-barrel build reported yesterday. This is the first time in four weeks when EIA’s data contradicts API’s.

A decline in crude oil inventory was to be expected, as the Keystone pipeline that ships almost 600,000 bpd into the U.S. from Canada remained shut for the week and was only restarted this yesterday, after a 5,000-barrel leak.

Analysts polled by the Wall Street Journal had forecast a decline of 1.9 million barrels, while TankerTrackers estimated inventories were down by 5.54 million barrels.

The EIA said refineries last week processed 17 million barrels of crude per day, producing 10.2 million barrels of gasoline, down from 10.4 million bpd in the previous week. Inventories of the fuel went up by 3.6 million barrels.

As oil traders prepare for the Vienna Club meeting tomorrow, prices have become extremely volatile, especially as doubts deepen that we might not see the nine-month extension to the oil production deal that most expected, thanks to Russia’ reluctance to commit to such a long period of subdued production. A six-month extension is also a likely outcome from the meeting, some analysts believe. Related: U.S. Oil Has One Fatal Weakness

Meanwhile, U.S. producers are locking in future production prices of US$50-60 a barrel, with the hedges for the third quarter surging by 147 percent from the previous quarter to almost 900,000 barrels daily, data from Wood Mackenzie has shown. This means they will be better placed to increase their production whatever happens tomorrow in Vienna.

At the time of writing, WTI was trading at US$57.77 a barrel, with Brent at US$63.12, both down from yesterday’s close.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





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