• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 39 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 13 mins Hopes Are Dashed For International Oil Companies In North Iraq
  • 3 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 20 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Changing Gazprom ADRs to Russian shares
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Dips Amid Renewed Demand Concerns

Oil Dips Amid Renewed Demand Concerns

Oil prices plunged by 4%…

How High Can U.S. Shale Production Climb?

How High Can U.S. Shale Production Climb?

While the EIA has forecast…

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

Oil Climbs Higher On Bullish EIA Data

Oil prices jumped further today after the Energy Information Administration reported a crude oil inventory draw of 7.6 million barrels for the week to June 18.

This compared with a draw of 7.4 million barrels reported for the previous week and another draw, of 7.2 million barrels, that the American Petroleum Institute reported for the week to June 18 yesterday.

Analysts had expected the EIA to report a crude stock draw of 3.625 million barrels for the period.

The draw comes amid a slight faltering in the oil price rally as reports emerged that OPEC+ is considering returning more barrels to global supply from August in response to the strong rebound in demand.

The hiccup came after the rally got another strong boost from the Iranian elections. These yielded a hardliner for the new president of the country, casting a shadow over the success of nuclear talks with the United States. This success would lead to a return of a couple of million barrels daily in Iranian production.

However, with Ebrahim Raisi at the helm, it just got a lot more uncertain: the Iranian President-elect this week rejected the possibility of meeting with President Biden and discussing Iran’s ballistic missile program and its support for various Middle Eastern armed groups.

The latest update on U.S.-Iranian events, however, is potentially bearish for oil: a Tehran official said the U.S. had lifted all sanctions on the Iranian oil industry, pushing prices up.

Meanwhile, the EIA also reported a 2.9-million-barrel draw in gasoline stocks and production of 10.3 million bpd. This compared with a build of 2 million barrels for the previous week, and production of 9.9 million bpd.

In middle distillates, the authority estimated an inventory increase of 1.8 million barrels for the week to June 18, with production averaging 5.1 million bpd. This compared with a stock draw of 1 million barrels for the previous week and production of 5.1 million bpd.

Brent crude was trading at $75.78 a barrel at the time of writing, with West Texas Intermediate at $73.80 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
  • George Doolittle on June 23 2021 said:
    Might as well be $1000 us dollars a barrel now. "Don't forget to tax that!" of course!

    Spain murdering John McAfee is quite the thing no doubt.

    Fear not never ever any inflation in Putin's Russia *of course!*

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