• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 5 hours Oil prices going down
  • 48 mins Sell out now or hold on?
  • 9 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 3 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 8 hours Two Koreas Agree To March Together At Asian Games
  • 13 hours What If Canada Had Wind and Not Oilsands?
  • 7 hours Oil and Trade War
  • 4 mins When will oil demand start declining due to EVs?
  • 5 mins Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 9 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 13 hours Australia mulls LNG import
  • 2 mins venezuala oil crisis
  • 18 hours No LNG Pipelines? Let the Trucks Roll In
  • 1 day The Permian Mystery
  • 6 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Alt Text

Saudi Aramco Looks To Double Refining Capacity

Saudi Aramco looks to almost…

Alt Text

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

Alt Text

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

EIA Boosts Oil Prices With Huge Draw Report

Shale gas well

Crude oil inventories last week fell by 6.2 million barrels to 504.6 million barrels, the EIA reported, a day after the American Petroleum Institute estimated inventories had dropped by an unexpected 7.5 million barrels. The API report pushed oil prices up, offsetting the news of renewed Libyan oil exports from the port of Ras Lanuf and Nigeria’s plans to start ramping up its oil production.

In the week before last, oil inventories registered a 600,000-barrel draw, EIA data showed.

Expectations from analysts polled by Reuters were for an inventory build of 2.3 million barrels, while S&P Global Platts estimated stockpiles had gone up by 2.8 million barrels.

Meanwhile, however, a leak in a gasoline pipeline occurred in Alabama last week, sparking a panic in the Eastern U.S. about possible fuel shortages.

The pipeline, operated by Colonial Pipeline Co., is the main artery between the Gulf Coast refineries and the eastern states, and the largest gasoline pipeline in the country. It carries 1.3 million barrels of the fuel a day. By yesterday, the operator had completed a bypass line that allowed the resumption of deliveries.

In its latest report, the EIA said that gasoline inventories in the seven days to September 16 declined by 3.2 million barrels, after in the week before they rose by 600,000 barrels, sparking some bullish attitudes in an overall bearish environment. Still, the EIA said, both crude oil and gasoline inventories remained higher than usual for this time of year. Related: Oil Investment Crash Could Continue For Another Year

Refineries operated at 92 percent of capacity, processing 16.6 million barrels of crude and producing 10.1 million barrels of gasoline daily, a bit more than in the previous week.

Looking forward, the EIA has announced that starting October 13, it won’t include the oil lease stocks in the U.S. in its commercial inventory weekly report, which means some 31 million barrels will be deducted from every weekly total.

At the time of writing, WTI was trading up 2.68 percent at US$45.23 per barrel, after yesterday closing up 0.32 percent at US$43.44, and Brent was up 2.2 percent at US$46.89, up from yesterday’s settlement of US$45.88.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Bob on September 21 2016 said:
    These weekly inventory reports appear very strange. This latest with the 6+ million draw, compared to the prior week, seemed to show production up, imports up, and refining inputs down. Exports were up but they didn't appear to overshadow the other data that looked to hint at what would seem to be less inventory pull week-over-week.

    Yet last week a 600k draw was reported and this week a 10x increase in draw? What is going on?

Leave a comment




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