• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 14 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 4 hours The Plastics Problem
  • 8 hours Coal Boom in Asia is Real and a Long Trend
  • 8 mins US Shale Drilling lacks regulatory body.
  • 2 hours Solar Panels at 26 cents per watt
  • 15 hours Hydrogen FTW... Some Day
  • 18 hours GM Considering Electric Hummer
  • 14 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 5 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 1 day China's President Xi To Visit North Korea This Week
  • 5 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .

Breaking News:

Oil Stabilizes On Small Crude Draw

Alt Text

Canada’s Oil Patch Faces Investor Exodus

Capital investment across Canada’s oil…

Alt Text

U.S. Gulf Coast Oil Imports Hit 33-Year Low

The U.S. Gulf Coast saw…

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

Trending Discussions

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

Trending Discussions


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