• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 17 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 21 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 5 days An Indian Opinion on What is Going on in China
  • 2 days Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 5 days Storage of gas cylinders
  • 5 days Can Technology Keep Coal Plants Alive and Well?
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 Tick Lower After EIA Reports Crude Draw, Gasoline Build

Crude oil prices fell slightly after the Energy Information Administration reported yet another inventory draw, of 3.5 million barrels, for the week to September 17.

This compared with a hefty draw of 6.4 million barrels for the previous week and an estimated 6.1-million-barrel inventory decline for the week to September 17, as reported by the American Petroleum Institute.

The latest inventory movements are probably related to the damage Gulf Coast refineries suffered from Hurricane Ida, meaning they do not necessarily reflect any major changes in demand. Even so, they are likely to move prices due to the size of the inventory change.

In gasoline, the EIA reported a build in stockpiles of 3.5 million barrels for the week to September 17, which compared with a draw of 1.9 million barrels for the previous week.

Gasoline production averaged 9.6 million bpd last week, which compared with 9.3 million bpd a week earlier.

Middle distillate inventories shed 2.6 million barrels in the week to September 17, which compared with a decline of 1.7 million bpd for the previous week.

Middle distillate production averaged 4.5 million bpd last week, which compared with 4.2 million bpd a week earlier.

Oil prices have been on the rise since the start of this week as the gas crunch in Europe led to talk—and evidence—of the possibility for a switch from gas to oil in certain industrial operations in both Asia and Europe, which in turn led to expectations of higher oil prices.

Meanwhile, OPEC+ appears to be finding it challenging to boost production in time with demand growth. Underinvestment and maintenance work in some OPEC+ members were behind the struggle, according to a Reuters report. This comes at a time when U.S. production is also constrained by the effects of Hurricane Ida.

Brent crude traded at $75.65 per barrel at the time of writing, with West Texas Intermediate changing hands at $71.71 a barrel, both up from opening.

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