• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 5 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 4 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day .
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Сryptocurrency predictions
  • 1 day *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 2 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 4 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 10 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 9 hours Joe Biden's Presidency
  • 22 hours How US Capitalism Uses Nationalism
  • 4 days European gas market to 2040 according to Platts Analitics
Africa’s Most Interesting Untapped Oil Play

Africa’s Most Interesting Untapped Oil Play

Guinea Bissau’s Atum prospect is…

The Only Venue Where Oil Majors Will Still Spend Big

The Only Venue Where Oil Majors Will Still Spend Big

The world’s largest oil companies…

When Will Oil Demand Fully Recover?

When Will Oil Demand Fully Recover?

Oil consumption patterns are still…

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 Surprise Crude Inventory Draw

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8.

This compared with a build of 4.6 million barrels for the previous week. The American Petroleum Institute yesterday reported an estimated 7.58-million-barrel inventory increase for the week to May 8.

In gasoline, the EIA reported an inventory draw of 3.5 million barrels, after a draw of 3.2 million for the previous week, which sparked hopes for demand recovery. Gasoline production last week averaged 7.5 million bpd, versus 6.7 million bpd a week earlier.

In distillate fuels, the EIA reported an inventory rise of 3.5 million barrels for last week. A week earlier, distillate fuel inventories had added 9.5 million barrels, with production at 5.1 million bpd. Last week, distillate fuel production averaged 4.9 million bpd.

Refineries processed 12.4 million barrels of crude daily last week, the EIA also said, operating at 67.9 percent of capacity. This compared with average daily run rates of 13 million barrels of crude, with refineries operating at a little over 70 percent of capacity.

This week saw a host of European countries begin reopening their economies, which had a beneficial effect on oil prices. However, the effect may be short-lived until it becomes clear exactly how fast the recovery in demand is going. U.S. oil prices also benefited from Saudi Arabia’s announcement it would deepen its oil cuts by another 1 million bpd.

At the time of writing, West Texas Intermediate was trading at $25.42 a barrel, with Brent crude at $29.83 a barrel, both slightly down from yesterday. Meanwhile, some U.S. producers have said they would start ramping up production at $25 for a barrel of WTI despite the fact that the huge global inventory overhang remains. If they stick to their word, the problem will only become graver and will pressure prices yet again, putting much of the U.S. oil industry in a vicious circle.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • James Skora on May 13 2020 said:
    This is why oil should be taken.off the markets. It spikes while everyone knows we're swimming in the stuff

Leave a comment




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