• 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
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
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 Small Crude Draw

Eagle Ford

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 1 million barrels for the week to October 16.

The report came a day after the American Petroleum Institute pressured prices by reporting an unexpected build in inventories, even though it was a moderate one, at a little over half a million barrels.

The EIA inventory estimate compares with a draw of 3.8 million barrels reported for the previous week, and analyst expectations for an inventory decline of 240,000 barrels.

In gasoline, the EIA reported an inventory increase of 1.9 million barrels for the week to October 16, which compared with a draw of 1.6 million barrels that helped stabilize prices temporarily.

Gasoline production last week averaged 8.9 million bpd, compared with 9.2 million bpd a week earlier.

In distillate fuels, the authority reported an inventory fall of 3.8 million barrels for last week. This compared with a hefty—and much needed—draw of 7.2 million barrels reported for the previous week.

Distillate fuel production averaged 4.1 million bpd last week, compared with 4.3 million bpd a week earlier.

Refinery runs averaged 13 million barrels daily, compared with 13.6 million bpd a week earlier, operating at 72.9 percent of capacity, versus 75.1 percent of capacity during the previous week.

Oil prices started the week with a loss over disappointing economic data out of China, fears of this resurgence of coronavirus cases, additional lockdown measures in Europe, and the looming threat that OPEC could turn on the taps in January as originally planned. However, talk that the cartel could stick with the current rate of cuts served to provide some counterweight to the negative sentiment and yesterday, prices actually gained a few cents.

At the time of writing, Brent crude was trading at $42.60 a barrel, with West Texas Intermediate at $41.01 a barrel, both down from yesterday’s close.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on October 21 2020 said:
    Not sure I understand natural gas prices as posted here but oil prices were crushed today. Tesla sales look set to be massive in the USA for the 4th Quarter 2020 as the days of needing a car period in the USA continue to wane...let alone a Class 8 Truck which Tesla will soon be disrupting as well.

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