• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 30 mins U.S. Presidential Elections Status - Electoral Votes
  • 44 mins Evergrande is going Belly Up.
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 14 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days World’s Biggest Battery In California Overheats, Shuts Down
  • 22 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 9 hours Ten Years of Plunging Solar Prices
  • 12 hours Extraction of gasoline from crude oil.
  • 3 days The coming Cyber Attack
  • 3 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 days Ozone layer destruction driving global warming
  • 3 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
IEA Sees Robust Oil Demand In October

IEA Sees Robust Oil Demand In October

After three consecutive months of…

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 Bounce Back On Bullish Inventory Data

A day after the American Petroleum Institute reported a minor crude draw that nevertheless strengthened prices, the Energy Information Administration confirmed a draw, at 1.7 million barrels for the week to May 21.

At 484.3 million barrels, the EIA said, crude oil inventories are below the five-year seasonal average.

Analysts had expected the EIA to report an inventory decline of 1.279 million barrels for the period after it reported a build of 1.3 million barrels for the previous week.

In gasoline, the authority estimated an inventory draw of 1.7 million barrels for the week to May 21. This compared with a draw of 2 million barrels for the previous week. Gasoline production averaged 9.7 million barrels daily last week, which compared with 9.8 million bpd in the prior week.

In middle distillates, the authority estimated an inventory decline of 3 million barrels for the week to May 21 versus a draw of 2.3 million barrels for the previous week. Middle distillate production averaged 4.7 million bpd last week, which compares with 4.6 million bpd in the previous week.

Oil prices remained range-bound this week as headwinds clashed with tailwinds. The Iran nuclear deal was looming large over the bulls’ horizon, but recent reports that it might not be finalized as quickly as previously anticipated served to curb the downside.

On the tailwind side, expectations for demand remain strong, with Goldman Sachs this week reiterating its price forecast for Brent at $80 per barrel by the fourth quarter of the year, even with additional supply from Iran once the U.S. sanctions are lifted.

At the time of writing, Brent crude was trading at $68.23 a barrel, and Wet Texas Intermediate was trading at $65.55 a barrel, both slightly up from opening.

The upward potential remains strong, too. As a Rystad Energy market update put it, prices “remain at high levels as the high season for oil demand is approaching, and as restrictions are lifted in much of Europe and the United States.” 

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