• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 12 hours California's Oil Industry Collapses Despite Shale Boom
  • 17 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 21 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 5 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 13 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 39 mins Greenpeace Blocks BP HQ
  • 21 hours IMO2020 To scrub or not to scrub
  • 16 hours UK Needs New Wind Turbines
  • 15 hours Will Canada drop Liberals, vote in Conservatives?
  • 7 hours Shale to be profitable in 2019!!!
  • 22 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 7 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 22 hours 6 Ways to Fight Climate Change
  • 1 day Global Warming Making The Rich Richer
  • 1 day California Threatens Ban on ICE Cars
Alt Text

Canada’s Pipeline Crisis Isn’t All Bad For Investors

Canadian drillers that find themselves…

Alt Text

Oil Shrugs Off Trade War Threat

Oil markets saw a volatile…

Alt Text

Can The Bull Run In Oil Markets Continue?

The market is currently trading…

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

Trending Discussions

Bearish EIA Report Keeps Oil Prices Down

The Energy Information Administration reported a crude oil inventory build of 5.4 million barrels for the week to May 10. This follows a 4-million-barrel draw a week earlier.

Analysts expected an inventory increase of about 3 million barrels for the week to May 10, while the American Petroleum Institute estimated inventories had risen by 8.6 million barrels.

In gasoline, the EIA reported a draw of 1.1 million barrels, versus a decline of 600,000 bpd a week earlier, with production at 9.9 million bpd. This compares with 10.1 million bpd in average daily production for the first week of May.

In distillate fuel, the authority estimated an inventory rise of 100,000 barrels for the week ending May 10, compared with a draw of 200,000 barrels a week earlier. Distillate fuel production last week averaged 5.3 million bpd, up from 5.1 million bpd a week earlier.

Oil prices have been relatively stable these past few days as tailwinds and headwinds collide, keeping prices very much in one place.

On the one hand, there is the growing tension in the Middle East following the reported sabotage on four vessels at the Emirati port of Fujairah, which early U.S. assessment said may be the result of Iranian action in the Persian Gulf. Then Saudi Arabia reported a drone attack on oil facilities, which only intensified the pressure that would have normally pushed prices quite a bit higher.

However, this time there is the stable headwind of U.S. production and inventories. Yesterday’s API report served as the stabilizing force to keep prices relatively unchanged. U.S. production has been supported by the latest round of oil supply and demand forecasts that don’t expect global demand growth to be particularly lively this year.

To add to the downward pressure, Venezuela’s oil production surprisingly stabilized and even rose slightly last month, according to the latest Monthly Oil Market Report by OPEC released yesterday.

At the time of writing, Brent crude was trading at US$71.15 a barrel, with West Texas Intermediate at US$61.35 a barrel, both down slightly from opening.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Charles Breiterman on May 15 2019 said:
    Entire increase in stock is due 919,000 bpd of increased imports. What is going on here?

Leave a comment




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