• 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
  • 55 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days e-truck insanity
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Tops $75 On Shrinking U.S. Crude Inventories

Stocks

Brent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data.

The September Brent crude futures contract rose 0.59% to $75.18 per barrel on Thursday at 10:30 p.m., EDT. The WTI benchmark, for its part, landed at $72.82 per barrel, up $0.44, or 0.59% on the day.

The rise in crude oil prices comes despite oil demand concerns on the back of mounting fears regarding Covid-19’s Delta variant and disappointing news of waning efficacy of the Pfizer jab after six months.

The decreasing inventories and steady-as-she-goes U.S. oil production is assuaging the fears that production increases will outpace demand increases. On the contrary, U.S. oil production has failed to make any meaningful gains over the last seven months. In December, oil production averaged roughly 11 million bpd, while July’s production has come within 200,000-400,000 bpd of that figure.

Meanwhile, oil inventories have continued to draw down during that time, shedding between 55 million and 68 million barrels total, depending on whether API or EIA data is used.

The data inspires confidence. Not necessarily that oil demand is roaring back, but that it is outpacing U.S. production. But that’s not to say that sunny days are here to stay.

Fluid Covid-19 developments, a possible uptick in oil supplies from Iran and Venezuela as sanctions are potentially reconsidered, and OPEC’s production plans all have a strong pull on oil prices.

Inventory and rig data, particularly in the United States, will continue to have a powerful effect on the markets. All eyes now will be on Friday’s rig count provided by Baker Hughes as well as Primary Vision’s Frac Spread count. When combined, the two data sets can give a look ahead at future U.S. oil production and the overall sentiment presiding over the U.S. oil industry.

By Julianne Geiger 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