• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 8 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 19 hours Renewables provided only about 4% of total global energy needs in 2018
  • 10 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 2 days Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 hours Shale Oil will it self destruct?
  • 24 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 6 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 5 hours N.Y. Governor Signs Climate Bill
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 days LA Solar Power/Storage Contract
  • 3 days Why Natural Gas is Natural
Alt Text

What’s Behind The North Sea Spending Spree?

The North Sea is looking…

Alt Text

Will The U.S Gas Glut Cap Oil Production?

The gas flaring crisis in…

Alt Text

Long Speculator Exodus Sinks Crude Oil

Money managers are closing long…

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 Prices Steady After EIA Confirms Much Smaller Draw

Crude oil prices remained steady today after the Energy Information Administration confirmed an API estimate of a crude oil inventory draw but a much smaller one than API’s 10.18 million barrels. The authority reported crude oil inventories in the United States had gone down by 1.2 million barrels in the week to December 7, the second weekly draw after a string of weekly increases, after a draw of 7.3 million barrels a week earlier.

Oil prices have proved stubborn in the last couple of weeks, moving up and down by too little for the comfort of those who would like to see them higher in light of some strong tailwinds such as OPEC’s agreement to cut production and a major field outage in Libya.

Yet it seems the relentless increase in U.S. production is countering these tailwinds. Daily output is likely to have continued rising last week, but the actual numbers will become public at a later time, when the EIA processes production data from companies in the sector.

In gasoline, the EIA said inventories had gone up by 2.1 million barrels in the first week of December, with daily production at 10.5 million barrels, versus 9.7 million bpd a week earlier.

In distillate fuel, the authority reported a daily production rate of 5.5 million barrels and an inventory decline of 1.5 million barrels. A week earlier, refineries churned out 5.6 million bpd of distillate fuel. In total, refineries last week processed 17.4 million bpd of crude, down from a week earlier.

Analysts seem to be beginning to worry the supply cut announced by OPEC+ would not be enough to compensate projections for slowing demand growth as pressure increases on emerging economies.

What’s more, Russia said it will reduce its production slowly and gradually, justifying the decision with challenging winter conditions, which means the reduction in global supply will not be felt as quickly as it would have otherwise, serving to relieve some of the worry. Acting fast on these concerns, Reuters reports, money managers have reduced their long positions on both Brent and WTI to three-year lows since the beginning of December.

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play