• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 hour US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 9 hours Climate Change Protests
  • 44 mins U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 22 mins China To Promote Using Wind Energy To Power Heating
  • 9 hours Oil at $40
  • 4 mins Gas Flaring
  • 9 hours "Undeniable" Shale Slowdown?
  • 41 mins Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 7 hours How many drilling sites are left in the Permian?
  • 5 hours Japan’s Deflation Mindset Could Be Contagious
  • 9 hours Negative Gas Prices in the Permian
  • 20 hours Ecoside
  • 1 day Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment




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