• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 20 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 20 mins 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 3 hours Will Uncle Sam Step Up and Cut Production
  • 7 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 8 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 3 mins With Global Warming Greenland is Prime Real Estate
  • 1 hour Sad . . . Only thing that moves oil price up is an attack on Tankers or Oil Facilities (Staged or real?)
  • 9 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 2 days NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day US Petroleum Demand Strongest Since 2007
Alt Text

Hedge Funds Turn Their Back On Oil

Oil markets took a turn…

Alt Text

Will Shale Rise From The Dead?

The shale oil business is…

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

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


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play