X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 hours Texas Supply Chain Massacre
  • 1 day Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 21 mins America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 21 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 15 hours Speaker Pelosi, "Tear Down This Wall" . . around Capital Building
  • 3 days Retired RAF pilot wins legal challenge over a wind farm
Suriname Looks To Ramp Up Oil Production In A Big Way

Suriname Looks To Ramp Up Oil Production In A Big Way

Looking to replicate neighboring Guyana’s…

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

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.

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




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