• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 38 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 23 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 day As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 23 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 4 hours Middle East on brink: Oil tankers attacked off Oman
  • 9 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Never Knew Gasoline Prices were this important!
  • 14 hours Plants are Dying
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 20 hours We Are Better Than This
  • 9 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL
Alt Text

Is There Really An Oil Shortage?

Some analysts have argued we…

Alt Text

BP: Petrochemicals Drive U.S. Oil Demand Boom

The United States saw its…

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 Rally On Significant Crude Draw

A day after the American Petroleum Institute gave oil bulls a cause for celebration with an estimated 8.636-million-barrel inventory decline for the week to September 7, the Energy Information Administration added to the optimism by reporting a draw of 5.3 million barrels.

At 396.2 million barrels, the authority said, crude oil inventories were within seasonal limits.

Refineries processed 17.9 million barrels daily last week, the EIA also said, producing 10.4 million bpd of gasoline and 5.5 million bpd of distillate. This compares with 10.2 million bpd of gasoline a week earlier, and 5.4 million bpd of distillate.

Gasoline inventories added 1.3 million barrels in the week to September 7, and distillate inventories rose by 6.2 million barrels. A week earlier, gasoline inventories gained 1.8 million barrels and distillate inventories added 3.1 million barrels.

More fuel inventory builds are on the way as refineries begin maintenance season ahead of winter, and crude oil stockpiles will likely rise as well: winter is a season of weaker oil demand in the northern hemisphere.

Meanwhile, prices remain on the seesaw ahead of the Iran sanction due to kick in on November 4. Washington has signaled it was unwilling to grant sanction waivers even to allies such as India, while Iran has given the European Union until November 5 to come up with practical guarantees it will continue buying Iranian crude.

While traders worry about where prices are heading, Russia’s Energy Minister Alexander Novak earlier today offered some more optimism for those interested in prices staying where they are. He said he saw on danger of an oil supply shortage despite the sanctions, but added that OPEC and Russia had enough spare capacity to use if the danger of a shortage reared its head.

Novak is meeting with U.S. Energy Secretary Rick Perry tomorrow in Moscow. The agenda will likely include oil prices and potential cooperation between Moscow and Washington to keep these stable.

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
  • Michael on September 12 2018 said:
    Bulls are happy!

Leave a comment





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