• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days 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
  • 22 mins Energy Armageddon
  • 18 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days Goldman Betting on Cryptocurrencies
  • 9 days Сryptocurrency predictions
  • 14 days Putin and Xi Bet on the Global South

Breaking News:

Oil Prices Jump On Major Crude Draw

EU Discusses $65-70 Price Cap On Russian Oil

EU Discusses $65-70 Price Cap On Russian Oil

The European Union is currently…

Why Is The U.S. Losing Oil Refining Capacity?

Why Is The U.S. Losing Oil Refining Capacity?

U.S. oil refining capacity has…

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




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