• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 8 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 17 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 3 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 4 hours Saudi Fund Wants to Take Tesla Private?
  • 13 hours Starvation, horror in Venezuela
  • 22 hours Venezuela set to raise gasoline prices to international levels.
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 16 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 2 days Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
Alt Text

Why Saudi Oil Production Suddenly Dropped

Oil prices jumped on Monday…

Alt Text

The $80 Billion Megaproject Splurge In Oil

The growing lineup of megaprojects…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

Oil Prices Rise As EIA Reports Tiny Crude Build, Gasoline Draw

Oil Prices Rise As EIA Reports Tiny Crude Build, Gasoline Draw

A day after API reported a rather shocking crude oil and gasoline inventory build, the Energy Information Administration (EIA) confirmed a small inventory build for crude oil of 100,000 barrels in inventory, but a decrease in inventory of 900,000 barrels of gasoline.

The crude oil build, while more optimistic than API’s figures, is contrary to analyst expectations that this week would see between a 2.3-million-barrel and 3.25-million-barrel draw for the week ending June 23.

Last week we said things could hardly get worse for oil prices, but prices have fallen even further, and while WTI is trading a bit above last week’s levels, and while many thought that today's crude build might sent prices even lower, the market reacted positvely on the gasoline draw this week.

Yesterday, the American Petroleum Institute’s weekly inventory estimate pegged oil inventories at 851,000 barrels more than the week before, shocking the market, which expected a draw. API also reported a hefty build in gasoline inventories of 1.351 million barrels, which EIA figures sharply contradict.

The EIA reported total crude inventories stood at 509.2 million barrels at the end of last week, with imports over 8.0 million barrels. Refinery rates averaged 16.9 million bpd, with plants operating at 92.5 percent of capacity. Related: Have Hedge Funds Set Oil Markets Up For A Rebound?

Gasoline production averaged 10.3 million barrels per day last week, and inventories of the most popular fuel, despite the API yesterday reporting a build, declined by 900,000 barrels, still remaining above the upper limit of the seasonal average. So far, driving season has failed to live up to expectations of stockpile draws.

Further weighing on prices, the active rig count in the U.S. increased last week for the 23rd week in a row, an rather ominous climb—for OPEC, anyway—that supports the theory that OPEC production cuts are but a window of opportunity for US shale at current—or even lower—prices.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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