• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals

North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals

Major North Sea oil-producing countries…

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

Despite renewable energy efforts, 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

Premium Content

Oil Prices Steady After EIA Reports Crude Draw

oil pipeline

Amid a mixture of news pulling oil prices in opposite directions the Energy Information Administration reported another draw in U.S. crude oil inventories for the week to December 22.

The EIA said inventories had gone down by 4.6 million barrels, a day after the American Petroleum Institute estimated these had declined by 6 million barrels, sending WTI higher. At 431.9 million barrels, the EIA said, inventories were in the middle of the average range for this time of year.

Gasoline inventories rose by 600,000 barrels last week, after a 1.2-million-barrel jump a week earlier, with production averaging 10.2 million barrels daily, up from 10.1 million barrels daily in the week to December 15.

The last week of the year was unusually rich in price-moving news. On Tuesday, Ineos said in an update that the Forties pipeline had been restarted, although at half-capacity. Then, a day later, IHS Markit said that the Permian Basin will this year have produced 815 million barrels of crude this year, beating its previous record of 790 million barrels, achieved back in 1973.

In other news, a pipeline blast in Libya has taken offline between 70,000 and 100,000 bpd of daily production, providing immediate and strong support to both West Texas Intermediate and Brent crude. Related: Chinese Ships Caught Illegally Selling Oil To North Korea

The blast pushed WTI briefly above US$60 a barrel and the benchmark remained near this mark even after the Ineos update that is anyway more relevant to Brent crude than WTI. However, price movements were sluggish after API’s report yesterday, suggesting that traders are not that focused on the weekly reports at the moment as more reports concerning the state of oil supply and demand come in.

The latest was the release of Chinese oil import quotas for next year, which will stand at 121.32 million tons, or 2.43 million bpd. Although this is lower than the initial quota allocation announced in November, overall Chinese oil imports are expected to hit another record next year thanks to more refining capacity coming online.

By Irina Slav for Oilprice.com

ADVERTISEMENT

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