• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 9 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 12 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 14 hours Forecasts for Natural Gas
  • 23 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
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 Significant Crude Draw

Crude oil prices rose further today after the Energy Information Administration reported a 7.4-million-barrel draw/build in inventories for the week to June 11. In fuels, the authority reported mixed inventory changes.

Yesterday, the American Petroleum Institute estimated a crude oil inventory draw of 8.537 million barrels for the period, which sent prices even higher.

For the previous week, the EIA had reported an oil inventory draw of 5.2 million barrels, with gasoline inventories, however, adding 7 million barrels and middle distillate inventories rising by 4.4 million barrels, which pressured prices.

For last week, the EIA has estimated a gasoline stock build of 2 million barrels. Production averaged 9.9 million bpd, compared with 9.4 million bpd a week earlier.

In middle distillates, the EIA reported an inventory draw of 1 million barrels. Production of middle distillates averaged 5.1 million bpd last week, compared with 4.9 million bpd a week earlier.

Analysts had expected the EIA to report a crude oil stock draw of 3 million barrels for last week as demand for oil and fuels rebounds and driving season begins for millions of Americans who have been fully vaccinated.

However, the latest fuel inventory data and refinery run figures suggest refiners may be jumping the gun when it comes to demand recovery. The substantial inventory builds in both gasoline and middle distillates for the week before last weighed on oil prices. They also followed more weekly inventory builds despite the pickup in demand.

Despite the implications of the latest fuel data, benchmark prices are still on the climb after three straight weeks of gains as the supply-demand balance clearly shifts towards tighter supply coupled with stronger demand.

New York oil futures earlier this week hit the highest in 32 months, not least because of changed expectations about when Iranian crude would return legally to international markets but also tanks to the rising numbers of travelers in Europe and the United States.

At the time of writing, Brent crude was trading at $74.44 a barrel, with West Texas Intermediate at $72.36 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





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