• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 25 mins Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 42 mins Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 5 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
Can Colombia Really Replace Oil And Gas Revenue?

Can Colombia Really Replace Oil And Gas Revenue?

Colombia is looking to move…

Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russia’s crude oil exports plunged…

Upstream Spending To Rise To $485 Billion In 2023

Upstream Spending To Rise To $485 Billion In 2023

In its 2023 outlook, Energy…

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 Large Crude Inventory Draw

Crude oil prices inched higher today after the EIA released its latest Weekly Petroleum Status Report, in which the authority said crude oil inventories had fallen by 8.6 million barrels in the week to February 22, though they are still above the seasonal five-year average.

This compares with an inventory increase of 3.7 million barrels for the previous week.

ADVERTISEMENT

At the same time gasoline inventories went down by 1.9 million barrels in the reported period, compared with a decline of 1.5 million barrels a week earlier. Distillate fuel inventories shed 300,000 barrels in the week to February 22 while a week earlier they booked a 1.5-million-barrel draw.

ADVERTISEMENT

Refinery throughputs stood at 15.9 million bpd last week, versus 15.7 million bpd a week earlier, with gasoline production at 9.6 million bpd and distillate fuel production at 4.8 million bpd. This compares with production rates of 9.5 million bpd for gasoline and 4.8 million bpd for distillate fuel.

Yesterday, prices perked up after the American Petroleum Institute estimated an inventory draw that the market apparently did not expect, making it another week of inventory surprises. The API estimated crude oil inventory draw came in at 4.2 million barrels.

Meanwhile, OPEC’s cuts are continuing to have a positive effect on prices despite President Donald Trump’s call on OPEC to relax as prices were getting too high. Following Trump’s tweet to OPEC, oil prices fell sharply, making many traders wonder if there were any rational rules left in the oil market.

Whatever the inventory levels in U.S. storage facilities however, production continues to grow after hitting a historic high of 12 million barrels daily two weeks ago. This fundamental factor will likely continue to pressure prices regardless of how much OPEC cuts. Yet it will pressure mostly the prices of light crude grades while heavy crude, which is what OPEC is cutting and what Venezuela is not selling, climbs higher.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

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