• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 4 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 4 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 46 mins Australian Voters Reject 'Climate Change' Politicians
  • 8 hours California Threatens Ban on ICE Cars
  • 8 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 8 hours IMO2020 To scrub or not to scrub
  • 8 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 12 hours Global Warming Making The Rich Richer
  • 1 min Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 7 days How can Trump 'own' a trade war?
  • 7 days China, U.S. Hold 'Productive' Trade Talks In Beijing
  • 8 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 4 mins DUG Rockies: Plenty Of Promise, Despite The Politics
  • 4 hours Some Good News on Climate Change Maybe
Alt Text

EIA Crude Draw Arrests Oil Price Crash

Crude oil prices inched higher…

Alt Text

Iran’s Trick To Sell Oil For A 30% Premium

Iran’s strategy to avoid U.S.…

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 Jump On Major Crude Draw

Crude oil prices jumped on Wednesday following the Energy Information Administrations’ latest weekly petroleum status report, with the authority confirming a draw in crude oil inventories of 5.8 million barrels for the week to August 17.

A day earlier, the America Petroleum Institute estimated inventories had gone down by 5.17 million barrels. Analysts had forecast a modest draw of 520,000 barrels. A week earlier, the EIA reported an inventory build of 6.8 million barrels.

In gasoline, the authority reported a build of 1.2 million barrels in inventories and an average daily production rate of 10.2 million barrels. That compares with an inventory draw of 700,000 barrels and a daily production of 10.2 million barrels in the week before.

In distillates, the EIA reported an increase in inventories of 1.8 million barrels and a daily production rate of 5.4 million barrels. This compares with a 3.6-million-barrel inventory increase a week earlier and daily production of 5.3 million barrels.

Earlier this week, the White House announced 11 million barrels from the Strategic Petroleum Reserve will be sold this year ahead of the Iran sanctions in order to soften the effect the sanctions are expected to have on global supply.

This has mitigated the impact of the sanctions on prices, but it has not eliminated it. Both Brent and WTI crept up yesterday and continued climbing today, despite reports about unsold Nigerian crude for loading in August and September. Related: Indonesia Books Sharp Drop In Oil Imports

On the headwind front, growth in emerging economies in Southeast Asia is slowing down, dimming previously bright oil demand prospects. Also, Norway’s sovereign wealth fund is approaching the moment when it will have to decide whether to go ahead with its plan to divest from all its oil holdings.

This Friday, Bloomberg reports, the Norwegian government will review a report, compiled by a committee of experts regarding whether the divestment is a good idea. If it deems it has merit, the news will certainly weigh on prices: Norway’s fund is the largest in the world with a value of US$1 trillion.

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