• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 52 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Once seen as fleeting, a new solar tech proves its lasting power
  • 7 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

Oil Should Stay In Triple Digits: Analyst

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 Boosted By Falling Crude Inventories

Crude oil prices rose today after the Energy Information Administration reported an inventory draw of 4.1 million barrels for the week to July 23.

This compared with a build of 2.1 million barrels reported for the previous week and a draw of 4.728 million barrels reported by the American Petroleum Institute for the week to July 23.

Analysts had expected the EIA to report a crude oil inventory draw of 3.43 million barrels for the week to July 23.

In gasoline, the EIA estimated an inventory draw of 2.3 million barrels for last week, with production averaging 9.8 million bpd. This compared with a modest stock decline of 100,000 barrels reported for the previous week and average production of 9.1 million bpd.

Gasoline demand has recovered strongly this summer, but according to a fresh Reuters report, it is already plateauing amid the resurgence in Covid-19 cases.

"We're still very much actively dealing with new cases here in the U.S. and also abroad, and that is putting greater pull on demand and what was originally anticipated for this recovery process in the middle of the summer for this year," said the American Automobile Association's manager of federal affairs Devin Gladden, as quoted by Reuters.

In middle distillates, the EIA reported an inventory decline of 3.1 million barrels for the week to July 23, with production at 4.7 million bpd. This compared with a draw of 1.3 million barrels for the previous week and a production rate of 4.9 million bpd.

Some airlines have been struggling with jet fuel shortages recently in some smaller U.S. airports, the Wall Street Journal reported earlier this week. The shortage is the result of something of a perfect storm of a strong rebound in air travel and devastating wildfires, which have combined to push up demand for the distillate fuel.

At the time of writing, Brent crude was trading at $74.73 per barrel, with West Texas Intermediate at $71.95 per barrel, both slightly up from opening.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Captain Obvious on July 28 2021 said:
    It could be because there’s a massive demand for oil ?

    Oil is the fuel of the future.

    Without it, the world will end.

    You know it, we know it.

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