• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 1 hour Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 18 mins Peak Oil is Now!
  • 12 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 41 mins Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 56 mins Corporations Are Buying More Renewables Than Ever
  • 7 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 15 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 22 hours The EU Loses The Principles On Which It Was Built
  • 12 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 22 hours Film on Venezuela's staggering collapse
  • 21 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 18 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
Alt Text

Crude-By-Rail Could Save The Permian Boom

Crude-by-Rail (CBR) has been a…

Alt Text

The Productivity Problem In The Permian

The pipeline capacity crisis in…

Alt Text

EIA: U.S. Oil Production Growth Is Slowing

The EIA has revised down…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Prices Slip Despite Modest Draw In Crude Inventories

oil field

After a week-long rally that eventually saw Brent and WTI both jump the US$50 barrier for the first time in a month, this week produced a string of bad news that squashed prices yet again. The EIA bucked the negative trend, however, and reported a 1.5-million-barrel draw in commercial oil inventories.

Yesterday, news about higher July OPEC oil exports from Kpler coupled with three estimates about the cartel’s production from Bloomberg, Reuters, and Petro-Logistics, all of which saw it higher than in June. With exports hitting their highest monthly levels so far this year and production up by between 90,000 bpd (Reuters) and 210,000 bpd (Bloomberg), OPEC was once again a headwind for prices.

To add insult to injury, the American Petroleum Institute surprisingly reported an inventory build, and not a small one. At 1.779 million barrels, the estimate was in stark contrast to analyst expectations of a decline. Two separate polls, by Reuters and by Platts, had anticipated a fall at 2.9 million bpd and 2.8 million bpd, respectively.

EIA’s report will sure give oil bulls a break. According to the authority, total crude oil inventories stood at 481.9 million barrels last week, within seasonal limits, and refinery runs averaged 17.4 million bpd, almost unchanged from 17.3 million bpd a week earlier. Related: Have Oil Majors Really Adapted To $50 Oil?

Gasoline production came in at a daily average of 10.3 million barrels, compared with 10.4 million bpd a week earlier. Inventories of the fuel fell by 2.5 million barrels, reinforcing optimism. In the week prior, they fell by 1 million barrels, and the API estimated a sharp decline for last week, of 4.827 million barrels. Platts analysts forecast a 1.3-million-barrel draw in gasoline inventories.

Profit season continues, with U.S. independents reporting this and next week. Judging by the performance of Big Oil, their financial results should be stronger than the figures for last year’s second quarter thanks to higher oil prices and cost discipline.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • the masked avenger on August 02 2017 said:
    There will always be a draw on inventory, what a ridiculous measurement. It is amazing the things oil people get their panties in a knot over.

Leave a comment




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