• 45 mins Here’s Your Chance To Blow Up An Oil Pipeline
  • 2 hours Shell Restarts Bonny Light Exports
  • 4 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 10 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 15 hours British Utility Companies Brace For Major Reforms
  • 19 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 21 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 22 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 23 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 24 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 8 days Renewable Energy Startup Powering Native American Protest Camp

Oil Spikes After EIA Reports Unexpected Draw To Crude Stocks

Shale drillers

Crude oil inventories in the U.S. fell by 600,000 barrels last week to 510.8 million barrels, the Energy Information Administration reported, adding that they remain at unseasonably high levels. This will more than likely reinforce worries that the global glut is going nowhere, at least over the short term.

The American Petroleum Institute yesterday estimated that oil inventories had added 1.4 million barrels, jut a week after the EIA sparked hopes for a recovery with news about a 14.5-million-barrel draw.

EIA’s data is once again in contrast to the figures released by the API, whose estimate was more optimistic than analyst expectations. Those were for an increase of 4 million barrels but still, like every weekly build reported by either API or the EIA, the data rattled markets, which are already excessively volatile. The EIA figures should inject some calm, though, as the build is in the six-figure territory, which is sort of good news for what it’s worth.

Gasoline inventories in the week to September 9, according to the EIA, were up by 600,000 barrels, after a 4.2-million-barrel decline in the previous week, still above what’s normal for this time of year, the EIA noted. Distillate fuel inventories, however, recorded a more substantial increase, of 4.6 million barrels, after rising by 3.4 million barrels in the week before.

Refineries processed a daily average of over 16.7 million barrels in the week to September 9, down from almost 17 million barrels in the prior week. This constituted a 200,000-bpd decline on the previous week, with operation at 92.9 percent of capacity in the seven days to September 9.

Gasoline output was down palpably to 9.9 million bpd in the seven days to September 9, from 10.2 million bpd in the week before, signaling an expected reduction in fuel supply following Labor Day.

At the time of writing, WTI was trading at US$45.02 per barrel, and Brent crude was at US$47.19 per barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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