• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 8 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 14 hours Governments that wasted massive windfalls
  • 12 hours Let’s take a Historical walk around the Rig
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day Trump has changed into a World Leader
  • 14 hours Here is Why People Lose Money Trading Natural Gas
  • 1 day Beijing Must Face Reality That Taiwan is Independent
  • 49 mins Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 12 hours US Shale: Technology
  • 16 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 22 hours Trump capitulated
  • 2 days Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
Alt Text

Just How Serious Is The Shale Slowdown?

There has been a lot…

Alt Text

China Turns Its Back On Iran’s Crude Oil

Beijing is doing its best…

Alt Text

The Latest Texas Oil Boom Has Sent Emissions Soaring

The ongoing growth of fracking…

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 Rise On Hefty Crude Inventory Draw

Another week, another draw – this seems to be the refrain this driving season, with the API and the EIA in sync with their weekly figures most of the time.

This week has been no exception, with the EIA reporting a hefty draw in U.S. commercial oil inventories a day after the API surprised analysts by estimating inventories had declined by 9.2 million barrels.

The authority calculated commercial inventories of crude oil had gone down by 8.9 million barrels in the week to August 11, after a draw of 6.5 million barrels a week earlier.

API’s report lent some support to international prices on Tuesday amid a stronger U.S. dollar and concern about flagging demand in China. The EIA’s figures will most probably strengthen the positive effect despite the persistent glut.

The EIA also said there was no change in gasoline inventories for the week to August 11, which might be a cause for worry, after last week it said inventories of the fuel had jumped up by 3.4 million barrels, which offset the positive news of the crude inventory draw. Related: Can The Permian Push Prices Down To $40?

Refinery runs averaged 17.6 million barrels last week, the authority said in its weekly report, versus 17.4 million bpd in the week before. Daily gasoline production fell to 10 million barrels, compared with 10.3 million bpd a week earlier.

Whatever effect the EIA’s figures have on prices is bound to be short-lived as oil’s fundamentals remain largely unchanged, with rising U.S. shale output offsetting OPEC’s and its partners’ cuts that should together take off 1.8 million bpd from global supply.

Oil demand prospects are not too rosy either, despite the IEA recently revising its 2017 demand growth outlook to 1.5 million bpd from 1.4 million bpd. Improving fuel efficiency and increased adoption of EVs in the U.S. will be largely responsible for the trend.

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
Download on the App Store Get it on Google Play