• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 2 hours Pros and Cons of Coal
  • 6 mins Why does US never need to have an oil production cut?
  • 8 mins US continues imports of Russian gas which it insists Europe should stop buying
  • 49 mins Oil Prices
  • 21 hours Regular Gas dropped to $2.21 per gallon today
  • 19 hours Is California becoming a National Security Risk to the U.S.?
  • 15 hours Warren Buffett
  • 44 mins French Fuel Protests
  • 3 days Germany Discusses Lifting Ban on Deporting Syrians
  • 11 hours And Just Like That, Everybody Stopped Talking About $100 Oil
  • 1 day Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days Pence says South China Sea Doesn't Belong To Any One Nation
  • 2 days Commission: U.S. Could Lose Wars With Russia, China
Alt Text

This Oil Boom Is Going Under The Radar

Higher oil prices are leading…

Alt Text

China To Boost Shale Oil, Gas Production

China’s biggest energy producers are…

Alt Text

Is It Time To Go Long On Crude?

Oil leaped lower after my…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

EIA Reports Largest Crude Draw Since 2016

The Energy Information Administration reported a huge draw in crude oil inventories of 12.6 million barrels for the week to July 6, after a build of 1.2 million bpd reported for the previous week.

Analysts had forecast a decline of 230,000 bpd in crude oil inventories, and a day earlier the American Petroleum Institute estimated inventories had declined by 6.796 million barrels, which further stoked the oil price rally that is making prices at the pump increasingly unappealing.

The EIA also said that gasoline inventories had shed 700,000 barrels in the week to July 6, after a 1.5-million-barrel decline a week earlier. Gasoline production averaged 10.7 million bpd last week, with refineries processing 17.7 million bpd of crude.

Distillate inventories were up by 4.1 million barrels, versus a 100,000-barrel build a week before. Production averaged 5.4 million bpd, compared with 5.5 million bpd in the previous week.

EIA’s weekly reports since the start of the year have provided a mixed picture of inventories, but one thing is steadily growing: U.S. crude oil production.

Oil prices have been on the rise since late June when the U.S. started to pressure its allies around the world to stop buying Iranian crude completely. However, since then it has become evident that this is easier said than done, and the pressure has subsided somewhat although the State Department is still firm in its insistence that every barrel of Iranian oil sold abroad is a sanction violation on the part of the buyer.

Meanwhile, the trade spat between the U.S. and China is increasingly looking like a full-fledged hot war. After a week ago the two exchanged tariffs on goods and commodities worth US$34 billion, now the Trump administration has come up with a list of another US$200 billion worth of Chinese imports that will be slapped with a tariff of 10 percent. Beijing’s response will likely come before the end of the day.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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