• 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
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 24 hours America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Carbon Nitride: A Breakthrough in Material Science

Carbon Nitride: A Breakthrough in Material Science

University of Edinburgh scientists have…

The Race for Natural Hydrogen Is Heating Up

The Race for Natural Hydrogen Is Heating Up

Natural hydrogen presents a promising…

Editorial Dept

Editorial Dept

More Info

Premium Content

COVID Fears Drive Oil Prices Downwards

U.S. West Texas Intermediate crude oil futures are trading lower on Friday but in a position to close out the week with a small gain after hitting a multi-month high on Wednesday on the back of a much bigger than expected drop in U.S. crude stockpiles.

As we near the end of the week, oil prices are struggling to hold on to their five-month highs as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. Dollar.

US Energy Information Administration Weekly Inventories Report

The EIA reported on Wednesday that U.S. crude oil inventories fell 7.4 million barrels during the week-ending July 31. Analysts had expected an inventory decline of 3.267 million barrels for the week.

On Tuesday, the American Petroleum Institute reported an inventory draw of 8.587 million barrels for the last week of July.

The EIA also reported an increase in gasoline inventories of 419,000 barrels, after a 700,000-barrel build estimated the previous week. Distillate fuels inventory increased 1.6 million barrels for the week to July 31. That compared with a build of half a million barrels a week earlier.

Gasoline production last week averaged 9.3 million bpd, compared with 9.2 million bpd a week earlier. Production of distillates last week averaged 4.9 million bpd, compared with 4.8 million bpd a week earlier.

Key Takeaways from the EIA Report

U.S. crude oil refinery inputs averaged 14.6 million barrels per day…





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