• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 6 mins americavchina.com (otherwise known as OilPrice).
  • 2 days Everything you think you know about economics is WRONG!
  • 2 hours Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 1 day Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 2 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 17 hours Natural Gas
  • 7 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours POTUS Trump signs the HK Bill
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 23 hours Winter Storms Hitting Continental US
  • 2 days Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 12 hours My interview on PDVSA Petrocaribe and corruption
  • 1 hour Iraq war and Possible Lies
Alt Text

Iran: We Won’t Agree To Any Production Cuts In The Future

Iranian Oil Minister Bijan Zanganeh…

Alt Text

Airstrikes Disrupt Production At Libyan Oilfield

Airstrikes have once again disrupted…

Alt Text

Visualizing The US Shale Slowdown

The United States may very…

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

Small Crude Build Sends Oil Lower

Crude oil price fell further today after the Energy Information Administration reported another build in inventories at 2.2 million barrels for the week to June 7. This compares with a build of 6.8 million barrels a week earlier that combined with a 3.2-million-barrel build in gasoline inventories as well to push prices lower.

Last week, gasoline inventories added 800,000 barrels, according to the EIA, despite driving season presumably gathering pace. Gasoline production averaged 10.3 million barrels daily last week, compared with 10 million bpd a week earlier.

Distillate fuel production averaged 5.2 million bpd in the reporting period with inventories down by 1 million barrels. This compared with a sizeable build of 4.6 million barrels a week earlier.

The inventory report comes amid plunging oil prices as the market holds its breath for OPEC+’s decision on oil production cuts, namely, whether they will extend the cuts until the end of the year.

There is also persistent uncertainty about demand trends as the U.S.-Chinese trade war continues to escalate. The latest update here came from President Trump, who threatened tariffs on another US$300 billion worth of Chinese goods if China’s President Xi Jinping does not make an appearance at a scheduled bilateral meeting during the G20 summit later this month in China.

A day earlier, the EIA released its latest Short-Term Energy Outlook, in which it revised its average price projections in tune with the latest price developments. Now, the authority expects Brent crude to average US$67 a barrel, down from US$69 a barrel forecast in the May edition of the STEO.

The EIA also had more bearish news for oil prices: it said U.S. oil production will rise by 1.4 million bpd this year, which although a 1-percent reduction from the May projection is still a sizeable rate of increase.

At the time of writing, Brent crude was trading at US$61.06 a barrel, with West Texas Intermediate at US$52.07 a barrel, both down by more than a percentage point from the opening of trade today.

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play