• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 13 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 8 mins America's pandemic dead deserve accountability after Birx disclosure
  • 4 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 8 mins U.S. Presidential Elections Status - Electoral Votes
  • 10 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 2 days Fukushima
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 mins Biden about to face first real test. Russia building up military on Ukraine border.
Why Libya’s Oil Production Could Drop This Week

Why Libya’s Oil Production Could Drop This Week

Libya’s crude oil production, which…

Oil Demand Could Peak By 2026: Goldman Sachs

Oil Demand Could Peak By 2026: Goldman Sachs

Despite a bullish stance on…

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 Falls Back On Large Fuel Build

A day after the American Petroleum Institute surprised market yet again with a crude oil inventory draw, pushing prices up, the Energy Information Administration also reported an inventory decline, at 2.1 million barrels for the week to May 29.

At 532.3 million barrels, the authority said, crude oil inventories were 12 percent above the five-year average for this time of the year. Analysts had expected an inventory build of 3.3 million barrels, after last week the EIA reported a substantial inventory increase, at 7.9 million barrels, for the third week of May.

Last week, gasoline inventories rose, however, by 2.8 million barrels, following a modest draw of 700,000 barrels a week earlier. Gasoline production over the last week of May averaged 7.8 million bpd, up from the previous week, when the average was 7.2 million bpd.

In distillate fuels, the EIA reported an inventory build of 9.9 million barrels for the week to May 29. This was up from an inventory increase of 5.5 million barrels for the previous week. Distillate fuel production averaged 4.7 million bpd last week, compared with 4.8 million bpd a week earlier.

Refinery runs averaged 13.3 million bpd in the last week of May, compared with 13 million bpd a week earlier, signaling the continued improvement in fuel demand as the United States emerges from lockdowns.

Prices this week have been on the climb, even before the API reported its estimate of a crude oil inventory draw. At the time of writing, Brent crude was trading at $$39.36, after touching $40 for the first time in months yesterday, and West Texas Intermediate was changing hands at $36.87 a barrel.

There is growing optimism that the OPEC+ club will later this week agree to continue cutting production at the current rate of 9.7 million bpd even beyond the end-June deadline for the deep cuts. There is also optimism, although more guarded, about the global economy in the wake of the coronavirus pandemic. Both have contributed to a more bullish view on oil prices.

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