• 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
  • 1 day Could Someone Give Me Insights on the Future of Renewable Energy?
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 hours Bankruptcy in the Industry
M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

IEA Cuts 2024 Oil Demand Growth Forecast

IEA Cuts 2024 Oil Demand Growth Forecast

Global oil demand growth is…

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 Move Higher On Bullish EIA Inventory Data


Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13.

At 420.8 million barrels, the EIA said, inventories of crude oil were 14 percent below the five-year average for this time of the year.

A week earlier, crude oil inventories added a substantial 8.5 million barrels, weighing on oil prices temporarily.

In fuel inventories, the EIA estimated a mixed picture.

Gasoline stocks shed 4.8 million barrels last week, with production averaging 9.6 million barrels daily.

This compared with an inventory draw of 3.6 million barrels for the previous week and production of 9.7 million barrels daily.

U.S. gasoline prices keep breaking records. This week, prices topped $4 per gallon in all states for the first time, according to AAA data. Gasoline is most expensive in California, where drivers are paying an average of $6.02 per gallon.

Meanwhile, middle distillate inventories rose by 1.2 million barrels last week. Production averaged 4.9 million bpd.

This compared with an inventory decline in middle distillates of 900,000 barrels for the previous week and a daily production rate of 4.9 million barrels.

The middle distillate supply situation in the U.S. and elsewhere remains worrying, driving diesel prices sharply higher and fueling broader inflation. The problem appears to be insufficient refining capacity combined with stronger demand, at least according to OPEC+.

“There is no refining capacity commensurate with the current demand and the expectation of the demand in the summer,” said Prince Abdulaziz bin Salman, the energy minister of Saudi Arabia at a recent industry event.

Global refining capacity shrunk during the pandemic and the lockdowns but demand for fuels has now rebounded strongly, revealing a gap with available supply and fueling a price rally that looks set to last for a while yet.


“These prices [for diesel and jet fuel] are insane,” Tom Kloza, the head of energy analysis at OPIS said earlier this week, as quoted by NPR.  “It’s incredible. Refiners who really had a miserable 2020 are in clover and ambrosia right now.”

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

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