• 3 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 2 days Statoil Changes Name
  • 3 days Tillerson just sacked ... how will market react?
  • 2 days Russian hackers targeted American energy grid
  • 2 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 3 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 3 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 2 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 2 days Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 2 days HAPPY RIG COUNT DAY!!
  • 3 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 3 days Why is gold soooo boring?
  • 3 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 2 days Spotify to file $1 billion IPO
Alt Text

Nigeria Can Produce Oil At $20 A Barrel

The Nigerian state owned oil…

Alt Text

Is OPEC Producing More Oil Than It Claims?

As Venezuela continues its downward…

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 Jumps After EIA Reports Draw To U.S. Crude Stocks

Roughnecks at work

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:

Back to homepage

Trending Discussions

Leave a comment
  • Scott Leach on October 26 2016 said:
    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