• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 5 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 6 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 24 mins A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 56 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 6 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 20 mins IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 19 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Alt Text

EIA Lowers World Oil Demand Forecast Again

The US Energy Information Administration…

Alt Text

Saudi Arabia’s Newest Strategy To Send Oil Prices Higher

Saudi Arabia’s efforts have been…

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 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


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

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play