• 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
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 mins How Far Have We Really Gotten With Alternative Energy
  • 2 hours If hydrogen is the answer, you're asking the wrong question
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 15 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Biggest Draw In Crude Stocks This Century Sees Oil Prices Spike

U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration’s latest report.

The American Petroleum Institute (API) report on domestic inventories anticipated a 12 million barrel draw in crude supplies, against expert predictions that inventories would increase by 905,000 barrels.

ZeroHedge surmised that the massive decrease - the largest since January 1999 - occurred due to production shut-ins in the Gulf of Mexico caused by Tropical Storm Hermine. The temporary nature of weather events could mean the oil price spike caused by the draw will not be staying for long.

National crude inventories currently stand at “historically high levels for this time of year” at 511.4 million barrels, the report stated.

Gasoline inventories also fell further than the API report had predicted. Instead of a 2.388 million barrel draw, supplies decreased by 4.2 million barrels.

Distillates rose by 3.4 million barrels - almost four times more than API forecasted on Wednesday.

West Texas Intermediate traded at $47.31 a barrel at the time of this article’s writing, while Brent traded at $49.81.

By Zainab Calcuttawala for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Craig Woerpel on September 08 2016 said:
    Obviously, looking at EIA data for production and imports (Data 2), the drawdown is only 200K for reduced production, but 12 million for reduced IMPORTS. The weather explanation is probably still correct, shippers wanted to avoid Hermine, but production was not significantly decreased at all.

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