• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 2 hours Prospective Cause of Little Ice Age
  • 5 hours L.A. Mayor Ditches Gas Plant Plans
  • 37 mins Why Trump will win the wall fight
  • 4 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 6 hours students walk out of school in protest of climate change
  • 20 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 1 day Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 6 hours Maduro Asks OPEC For Help Against U.S. Sanctions
  • 21 hours Ford In Big Trouble: Three Recalls In North America
  • 2 days Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 22 hours Why Is Japan Not a Leader in Renewables?
Alt Text

Maduro Asks OPEC For Help As U.S. Sanctions Bite

Venezuela’s President Nicolas Maduro has…

Alt Text

Global Outages Boost Oil Prices

Declining global supply, outages and…

Alt Text

Momentum Is Building For Oil

Oil prices rallied towards the…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Minor Crude Inventory Draw Gives Bulls Glimmer Of Hope

Today, the Energy Information Administration gave oil bulls a glimmer of hope by reporting a draw in inventories of 1.7 million barrels for the week to June 9.

The possibility of oil prices going into free fall is looking increasingly believable as OPEC struggles to convince market players that the cuts they extended at the end of last month are having an impact on global inventories amid rising U.S. shale production.

Yesterday, the API crushed bulls by estimating commercial stockpiles of crude had risen by 2.75 million barrels, contrary to analyst expectations of a 2.7-million-barrel draw. Last week the industry body reported a major decrease in inventories, at 4.62 million barrels, only to see the figures refuted by the EIA, which said inventories had actually climbed by 3.3 million barrels in the week to June 2.

Now, the EIA said, total inventories were 511.5 million barrels, in the upper half of the seasonal average, which could be seen as a cause for optimism after several months of inventories exceeding the seasonal maximum. Then again, this detail may be ignored in the context of rising shale output, Iraqi export capacity expansion, and growing output in Libya and Nigeria.

Earlier this week, Nigeria’s petroleum minister urged the U.S. and other non-OPEC producers to join the output reduction efforts, but the chances of this happening are slim, with a growing feeling among observers that OPEC needs to cut deeper to make a difference.

The EIA reported refinery runs of 17.3 million barrels daily last week, with gasoline output at 9.8 million barrels daily, down slightly from 9.9 million bpd in the week before. Gasoline inventories increased by 2.1 million barrels.

Imports averaged 8 million barrels in the week to June 9, versus 8.3 million bpd in the previous week. Next month should see a palpable reduction in imports if Riyadh stays true to its word to cut exports to one of its biggest clients by more than a third, unless offset by Iraq.

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