• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 34 mins The Plastics Problem
  • 3 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 3 hours Confirmed: UN Expert Urges Probe Of Saudi Prince Over Khashoggi Killing
  • 32 mins OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 25 mins Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 min Coal Boom in Asia is Real and a Long Trend
  • 48 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 3 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 52 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 48 mins US to become net oil exporter in November: EIA
  • 17 mins Trudeau approves Trans Mountain Pipeline
  • 4 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 3 hours Hydrogen FTW... Some Day
  • 1 hour US Shale Drilling lacks regulatory body.
Alt Text

OPEC’s No.2 Steps In To Replace Lost Iranian Oil

Iraq, OPEC’s no.2 oil producer…

Alt Text

Oil Plunges On Fears Of Weak Demand

Oil prices fell another 4%…

Alt Text

Oil Industry Banks On Shaky Plastic Bet

Oil companies are hedging the…

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

Trending Discussions

Oil Prices Slip On Bearish Inventory Data

The Energy Information Administration reported a 2.8-million-barrel build in U.S. commercial oil inventories, a day after the American Petroleum Institute estimated the inventories had expanded by 2.93 million barrels, pressuring benchmark prices.

At 488 million barrels, commercial inventories are within seasonal limits, though near the upper end. This is some improvement on summer 2016, when inventories were consistently above the maximum for the season. The EIA does not provide reference data for average seasonal limits.

Oil rig additions are continuing across the shale patch, with last week seeing the largest seven-day increase in years, by 35 rigs, suggesting local output will only continue to grow, despite struggling oil prices.

The EIA said in its report for the week to January 20 that gasoline inventories rose by a hefty 6.8 million barrels last week, with average daily production at 8.8 million barrels. This was slightly under the previous week’s figure, which was 9 million bpd.

Refineries operated at 88.3 percent of capacity, also producing 4.6 million barrels of distillate daily, a bit down from the previous week’s 4.7 million bpd. Related: Aramco Pulls Out Of Joint Venture Talks With Petronas

Imports, according to the EIA, averaged 7.8 million barrels daily, down from the 8.4 million barrels reported for the week to January 13.

Last week saw several news and analyst reports that strongly suggest that the U.S. shale oil industry is back in growth mode, inevitably fueling doubts about the global oversupply situation.

These doubts were somewhat quenched by a recent announcement from the OPEC-Russia camp that said it was setting up a special committee to make sure all signatories to the production cut deal keep their end of the bargain, but this wasn’t enough to prop up prices or at least make them more resilient to the weekly inventory reports coming from the API and EIA, which according to some commentators, are irrelevant to actual demand and supply in the world’s biggest crude oil consumer..

At the time of writing, WTI was trading at US$52.91 a barrel, and Brent crude was selling for US$55.04, both down by less than 1 percent.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





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