• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 7 hours UK, Stay in EU, Says Tusk
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 7 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 1 hour Nuclear Power Can Be Green – But At A Price
  • 4 hours Venezuela continues to sink in misery
  • 17 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 2 hours Chevron to Boost Spend on Quick-Return Projects
  • 5 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 hours Maritime Act of 2020 and pending carbon tax effects
  • 19 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 17 hours How Is Greenland Dealing With Climate Change?
  • 1 day Solid-State Batteries
  • 21 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 1 day Orphan Wells
Alt Text

Profit Taking Ends Massive Rally In Crude

A bout of profit taking…

Alt Text

Oil Markets Could See Deficit In 2019

The OPEC+ cuts and slowing…

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

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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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