• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 45 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 15 hours NordStream2
  • 4 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 3 days The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 7 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days Storage of gas cylinders
  • 3 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
Biden Administration Begs OPEC For More Oil

Biden Administration Begs OPEC For More Oil

The Biden administration is not…

A Global Oil Shortage Is Inevitable

A Global Oil Shortage Is Inevitable

Oil companies are under increasing…

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




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