• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 6 hours How to Create a Pandemic
  • 1 hour KSA taking Missiles from ?
  • 4 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 2 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 21 mins Which producers will shut in first?
  • 55 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 13 hours Trump eyes massive expulsion of suspected Chinese spies
  • 3 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 49 mins Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 12 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 15 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 14 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
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 Jumps After EIA Reports Draw To U.S. Crude Stocks

The Energy Information Administration reported a draw of 600,000 barrels in U.S. crude oil inventories for the week ending October 21, bringing a shred of calm to the market worries sparked by the American Petroleum Institute’s estimate of a 4.8-million-barrel inventory increase reported yesterday.

Total crude inventories, according to EIA, stood at 468.2 million barrels, below the maximum for this time of year, but near the upper limit.

Gasoline inventories – also watched closely by traders – went down by 2 million barrels last week.

Refineries processed 15.6 million bpd of crude oil, up by 182,000 barrels on the previous week, producing 9.8 million barrels of gasoline daily, and 4.5 million tones of distillate fuel.

Last Wednesday, the EIA reported a decline in crude oil inventories of 5.2 million barrels, adding to the existing optimism amid ongoing negotiations among OPEC members of a production freeze. However, since then, the outlook on a freeze agreement has grown increasingly uncertain and this latest report is unlikely to remove all volatility, and may result in just a short spike in prices.

A series of meetings between the Russian and Saudi oil ministers, along with visits by Venezuela’s president and energy minister to Iran and Russia, have resulted in nothing specific, to say the least, with Russia’s Alexander Novak reiterating the country’s general readiness to join a freeze if all OPEC agrees, Iran’s Supreme Leader vowing to not let the cartel interfere with the country’s production raise plans, and Saudi Arabia’s push for a final agreement.

In this environment of major volatility, any information containing specific figures about demand and supply is bound to have some market-swinging effect. However, this effect may very well prove to be short-lived, unless more news comes in fundamentals-wise.

Yesterday, after API’s report, WTI dropped back below US$50 a barrel, trading at US$49.30 when Oilprice reported on API’s figures, and incurring a hefty 2.41-percent drop since the start of the trading session. Brent suffered a 2.27-percent fall to US$50.29.

At the time of writing, WTI was at US$49.75 a barrel, down a further .42 percent from opening, and Brent was trading at US$50.39, down .79 percent from open.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Scott Leach on October 26 2016 said:
    BS!
    Someone needs to look into this org and audit their reporting. Seems to me they are doing what it takes to falsely increase the price of oil. The oil industry as well as their reporting is beginning to show that it is not credible and honest. Both reports need to be a heck of a lot closer than what they are right now!

    For all you buying into this BS...stupid is you!
  • Oiler on October 26 2016 said:
    EIA is a government organization independent from the Oil and Gas private sector. Are you calling for an internal government audit?
  • Dw on October 26 2016 said:
    I'm with Scott what a con

Leave a comment




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