• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 31 mins Socialists want to exorcise the O&G demon by 2030
  • 2 hours UK, Stay in EU, Says Tusk
  • 14 hours How Is Greenland Dealing With Climate Change?
  • 1 hour German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 9 hours Venezuela continues to sink in misery
  • 20 hours BofA Sees Oil at $35-70
  • 22 hours China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 1 day How Much Oil Does Aramco Have?
  • 18 hours Regular Gas dropped to $2.21 per gallon today
  • 17 hours "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 4 hours Solid-State Batteries
  • 3 hours Orphan Wells
  • 17 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
Alt Text

U.S. Oil Shipments To Asia Set To Rise Soon

A combination of lower shipping…

Alt Text

How Supermajors Are Transforming The Permian

The Permian Basin once played…

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

Oil Inches Higher On Strong Crude Draw

Crude oil prices remained relatively stable after the Energy Information Administration reported a draw of 5.9 million barrels in U.S. crude oil inventories for the week to June 15.

At the time of writing, Brent crude traded at US$75.60 a barrel, with West Texas Intermediate changing hands at US$65.77 a barrel, both up moderately from yesterday’s close.

A day earlier, the American Petroleum Institute estimated crude oil inventories to have fallen by 3.016 million barrels, with gasoline inventories surprisingly going up by 2.113 million barrels.

Analysts had expected the EIA to report a 690,000-bpd increase in crude oil inventories, after last week it reported a draw of as much as 4.1 million barrels in oil inventories and another substantial decline—of 2.3 million barrels—in gasoline stockpiles.

Last week, gasoline inventories went up by 3.3 million barrels, with average daily production standing at 10.1 million barrels. This compares with 10.5 million barrels a week earlier.

Distillate inventories were also up, by 2.7 million barrels, with average daily production at 5.5 million barrels, up from 5.1 million barrels in the prior week. Related: Goldman: Expect Another Bull Run In Oil

EIA’s report comes amid anticipation that OPEC’s meeting that begins tomorrow will fail to yield a decision to start raising oil production to offset a major decline in Venezuela and an expected decline in Iran after U.S. sanctions go into effect.

Some analysts are comparing this week’s meeting to one from 2011 when OPEC tried to reach a consensus to raise production to offset falling supply from war-torn Libya. That meeting failed to produce a consensus agreement—needed for all OPEC decisions—and some say this one will have the same fate.

It’s anyone’s guess what individual OPEC members will decide to do if the meeting ends without an agreement, but in all likelihood those that can produce more will do so, if only to keep their market share in the face of rising U.S. and other non-OPEC supply.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News