• 5 minutes Global Economy-Bad Days Are coming
  • 8 minutes IT IS FINISHED. OPEC Victorious
  • 14 minutes Venezuela continues to sink in misery
  • 17 minutes Could Tesla Buy GM?
  • 1 hour Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 6 hours OPEC Cuts Deep to Save Cartel
  • 6 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 9 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 18 hours Price Decline in Chinese Solar Panels
  • 4 hours What will the future hold for nations dependent on high oil prices.
  • 2 hours Sleeping Hydrocarbon Giant
  • 2 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 7 hours And the War on LNG is Now On
  • 5 hours Air-to-Fuels Energy and Cost Calculation
  • 19 hours Rigs Down
Alt Text

Shale Drillers May Cut Capex As Oil Falls To $50

Shale drillers might spend less…

Alt Text

OPEC Oil Exports Jump Ahead Of Meeting

OPEC countries saw their total…

Alt Text

Oil Prices Tank Despite Large Crude Draw

Oil prices fell on Thursday…

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 Steady After EIA Reports Crude Draw

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

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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