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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Oil Ticks Up After EIA Confirms Huge Crude Draw

Refinery

Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 9.6 million barrels for the week to June 23.

This compared with an inventory decline of 3.8 million barrels for the previous week that, despite its relatively large size, failed to move prices much.

In fuels, the EIA estimated modest inventory builds.

Gasoline inventories added 600,000 barrels in the week to June 23, with production averaging 10.1 million barrels daily.

This compared with a modest inventory build of half a million barrels for the previous week and a daily production average of 9.8 million barrels.

In middle distillates, the EIA reported an inventory increase of 100,000 barrels, with production averaging 4.7 million bpd.

This compared with a moderate inventory addition of 400,000 barrels during the previous week, when production averaged 5.1 million barrels daily.

Oil prices, meanwhile, are down again as expectations of more rate hikes by central banks were reinforced earlier this week.

The president of the Central European Bank Christine Lagarde was the latest one to do the reinforcing, by saying in a speech Tuesday that inflation remained stubbornly high and central banks were not done with the hikes. She then proceeded to warn of another ECB hike coming next month.

"It is unlikely that in the near future the central bank will be able to state with full confidence that the peak rates have been reached," Lagarde said.

"Despite concerns for the slowing economy in Europe, they are going to put the pedal to the metal with interest rates and that puts pressure to the downside," one analyst from Price Futures Group told Reuters.

In the U.S., consumer confidence appears to be on the mend but for the Fed this is bad news that calls for more rate hikes, Reuters noted in its report.

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Leave a comment
  • George Doolittle on June 28 2023 said:
    I think the gasoline market which still has *NOSEBLEED PRICES* at retail is *VASTLY* overbought here.

    Diesel fuel markets are more complex because we still haven't seen Cybertruck Production manifested yet. That said Rivian, Ford Lightning and Mach E, possibly General Motors which may bring back the Bolt now suddenly, Tesla Semi, Nikola, if SpaceX suddenly makes Drone Ship a production item for Space Launch Support all of these items even taken individually are having a stunning impact upon the US demand for gasoline and now even diesel...even the Jeep 4xE now...so at some point as with the Russian Army inside Ukraine *"something gonna break here."*

    USA use of public rail transit has never been higher. Amtrak continues to expand. Railroads take *THOUSANDS* of Class 8 trucks of US Highways. Battery powered lawnmowers are now going through a massive upgrade cycle with E-GO now adding a steering wheel to their Zero Turn.

    No small business is using their ICE burners to stay in business/make money right now. Stand up scooters are going to be All the Rage upon *ALL* of Europe both East and West given what Putin Russia has done. Natural gas prices unsurprisingly hammered today despite not possible to have more bullish news for natural gas given SpaceX Starship and now Freeport LNG now back fully online.

    Long $PLUG Plug Power strong buy

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