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

Crude oil prices were set to rise following the Energy Information Administrations’ latest weekly petroleum status report as the authority reported a draw in crude oil inventories, of 2.6 million barrels for the week to August 24, after a day earlier, the America Petroleum Institute had estimated that inventories had risen by 38,000 barrels.

Analysts had forecast a sizeable draw of 1.5 million barrels in crude oil inventories. A week earlier, the EIA reported an inventory draw of 5.8 million barrels.

In gasoline, the authority reported a draw of 1.6 million barrels in inventories—about 5 percent over the five-year average for this time of year. Average daily gasoline production stood at 10.2 million barrels. That compares with an inventory build of 1.2 million barrels and a daily production at 10.2 million barrels in the week before.

In distillates, the EIA reported the only build for the week, at 800,000. Daily distillates production was 5.2 million barrels. This compares with a 1.8-million-barrel inventory increase a week earlier and daily production of 5.4 million barrels. Distillates inventories are now 8 percent below the five-year average for this time of year.

Leading up to the data release, the WTI and Brent crude benchmarks were trading up as the Wall Street Journal reported that Iran’s crude oil and condensate loadings for August were set to drop to 1-year lows as we get closer to the onset of new sanctions levied by the United States. The price rise due to falling oil supplies was tempered by yesterday’s API report, which estimated that crude oil, gasoline, distillates, and inventory held at Cushing, Oklahoma, had all ticked upwards.

At 9:24am EDT, WTI was trading up $0.63 (+0.92%) at $69.16, while Brent was trading up $0.55 (+0.72%) at $76.84.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Herry on August 30 2018 said:
    Well, it's back to gas and dash, again.

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