• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 11 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 1 hour Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Gravity is a scam!
  • 2 hours Trump has changed into a World Leader
  • 1 day What's the Endgame Here?
  • 10 hours US Shale: Technology
  • 5 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 2 days Canada / Iran
  • 2 days 10 Rockets hit US Air Base in Iraq
  • 2 days Remember: Only the Poor Can Reach the Kingdom of God
  • 2 days IRAQ / USA
Alt Text

Massive Oil Product Build Sends Prices Lower

A surprise draw in crude…

Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

Alt Text

Will Oil Prices Crash Or Rally When Iran Reacts?

Oil prices have soared following…

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

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:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




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