• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 6 minutes Pompeo upsets China; oil & gas prices to fall
  • 11 minutes The Secret China Iran Oil Deal At The Heart Of One Belt One Road Project
  • 5 hours Trump Hands Putin Major Geopolitical Victory
  • 11 hours Trump Suggests Delaying Election Amid Fraud Claims
  • 11 hours Rational analysis of CV19 from Harvard Medical School
  • 7 hours While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 5 hours End Game For Oil? OPEC Prepares For An Age Of Dwindling Demand
  • 3 days The World is Facing a Solar Panel Waste Problem
  • 1 day "The Great Reset" What does this mean for you.
  • 1 day Mask Disposal
  • 2 days You may all go to hell
  • 1 day Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 13 hours What happens to oil and gas production when 1/2 of Oklahoma is handed over to the Tribes
  • 2 days Is The Three Gorges Dam on the Brink of Collapse?
  • 3 days Trump is turning USA into a 3rd world dictatorship
U.S. Shale Faces Another Round Of Bankruptcies

U.S. Shale Faces Another Round Of Bankruptcies

The United States oil industry…

Jet Fuel Crisis Will Hurt Oil Demand For Years To Come

Jet Fuel Crisis Will Hurt Oil Demand For Years To Come

The aviation industry has been…

The Cowboy State Looks To Stimulate Oil Drilling With Tax Cuts

The Cowboy State Looks To Stimulate Oil Drilling With Tax Cuts

Wyoming regulators look to stimulate…

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 Rebound On Crude, Gasoline Inventory Draws

The Energy Information Administration reported a large crude oil draw of 4.1 million barrels for the week to June 8, after a 2.1-million-barrel increase a week earlier.

A day earlier, the EIA said in its latest Short-Term Energy Outlook that in May, oil production in the United States averaged 10.7 million bpd, forecasting the average for 2018 at 10.8 million bpd. That’s up from 9.4 million bpd in 2017.

For gasoline, the authority estimated a 2.3-million-barrel draw in inventories, with the average daily production at 10.5 million barrels, versus a hefty 4.6-million-barrel build and daily production of 9.7 million barrels a week earlier.

Distillate inventories last week were down by 2.1 million barrels, which compares with a build of 2.2 million barrels in the prior week. Distillate production in the week to June 8 averaged 5.1 million barrels daily, versus 5.3 million bpd in the previous two weeks.

The EIA report follows API’s estimate of a moderate build of 800,000 bpd in crude oil inventories, which fell short of analyst expectations for a draw of 2.74 million barrels. It also comes amid reports that both Russia and Saudi Arabia are now exceeding their production quotas ahead of the June 22 meeting of the OPEC+ club. Related: Can Saudi Arabia Prevent The Next Oil Shock?

The latest update from that camp is that Russia may offer its partners a return to production rates from October 2016, which most participants in the cut deal took as a basis for the cuts. Russia itself agreed to cut 300,000 bpd from its October production average, which was a record 11.2 million bpd.

Adding to headwinds, Reuters reported earlier today that crude oil in floating storage in Europe had hit an 18-month high, at 12.9 million barrels, or over a quarter of global floating oil storage.

At the time of writing, West Texas Intermediate traded at US$66.03 a barrel and Brent crude was at US$75.83 a barrel.

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




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