• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 14 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Oil Jumps Despite Crude Inventory Build

Oil Jumps Despite Crude Inventory Build

Crude oil prices rose today…

Exxon’s Guyana Oil Drilling Plans Anger Venezuela

Exxon’s Guyana Oil Drilling Plans Anger Venezuela

ExxonMobil’s drilling plans offshore Guyana…

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 Jump On Record Production Plunge, Major Gasoline Draw

Oil prices rose today after the Energy Information Administration reported an inventory decline of 1.5 million barrels for the week to September 3, with sizeable draws in fuel inventories as well.

At 423.9 million barrels, the EIA said, crude oil inventories are below the five-year average for this time of the year.

Last week’s draw compared with an inventory decline of 7.2 million barrels estimated for the previous week. Analysts had expected the authority to report an oil stock

In gasoline, the EIA reported an inventory draw of 7.2 million barrels for the period, which compared with a draw of 1.3 million bpd for the previous week.

Gasoline production last week averaged 10.1 million bpd, which compared with 9.9 million bpd.

In middle distillates, the authority estimated an inventory draw of 3.1 million barrels for the week to September 3. This compared with a decline of 1.7 million barrels for the previous week.

Middle distillate production last week averaged 4.2 million bpd. This compared with 4.8 million bpd a week earlier.

Total refinery throughput averaged 14.3 million bpd last week.

Brent crude was trading at $72.47 a barrel at the time of writing, with West Texas Intermediate at $69.20 a barrel, both slightly lower since opening, after a slide yesterday on demand concern.

The concern was prompted by Saudi Arabia’s move to cut oil prices for Asian buyers signaling it was adjusting to weaker demand. The cuts were by more than $1 per barrel of Saudi crude.

Oil demand trends in the United States were also in the spotlight amid the rising Covid-19 case count although continued disruptions in the Gulf Coast refining industry following Hurricane Ida put a cap on that particular downside risk.

A lot of Gulf of Mexico oil production remains shut in after the hurricane, according to BSEE data, Hurricane Ida may not have been the deadliest or most damaging storm in the U.S., but its impact on Gulf of Mexico oil production has been the largest ever recorded.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on September 09 2021 said:
    Meh.
    All about the natural gas now.

    Long $slb Slumberger
    Strong buy

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