• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 2 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 7 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 2 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 2 hours Theresa May to Step Down
  • 11 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 2 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 1 hour India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 3 hours Total nonsense in climate debate
  • 9 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 19 mins Apple Boycott in China
  • 17 hours Asia Oil Refiners Mull Run Cuts With Margins At 16 yrs. Low For Season
  • 17 hours IMO 2020 could create fierce competition for scarce water resources
  • 16 hours ARAMCO BOARD: Former Dow Chemical CEO Andrew Liveris: I want to help Saudi Arabia become a 21st century economy
  • 17 hours IMO2020 To scrub or not to scrub
  • 16 hours Why is Strait of Hormuz the World's Most Important Oil Artery
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

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News