• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 5 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 35 mins The Inconvenient Truth Of Electric Cars
  • 4 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 4 hours Oil Demand Needs to Halve: Equinor
  • 8 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 5 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours Solar Panels at 26 cents per watt
  • 23 mins The Plastics Problem
  • 9 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 7 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 8 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 5 hours Hydrogen FTW... Some Day
  • 3 hours Section 232 Uranium
  • 1 hour Huge UK Gas Discovery
  • 1 hour Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Alt Text

Can Artificial Intelligence Save The Nuclear Industry?

Nuclear plant decommissioning is a…

Alt Text

Oil Markets Ignore A World On The Brink Of War

As tensions continue to rise…

Alt Text

The 100-Year Old Wildcatter Poised For A Breakout

Noble Energy is an industry…

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

Oil Markets Unimpressed By Small Crude Build

A day after the American Petroleum Institute reported an inventory build that some traders took as a surprise and started selling their oil holdings, the EIA confirmed a build, at 1.9 million barrels for the week to September 21. Prices, however, did not react particularly strongly amid a flurry of other news coming in.

For starters, the U.S. special envoy for Iran told the UN that Washington will make sure there will be enough oil to go around when sanctions against Iran kick in after November 4. This weighed on prices a little. Meanwhile, the EU announced a plan to continue buying Iranian crude via a special-purpose vehicle for barter transactions. The news was bearish for oil, but some analysts expressed skepticism about the efficiency of the mechanism on the grounds that the U.S. could simply expand the scope of the sanctions to include barter deals between the EU and Iran.

Amid all this, the EIA’s report that U.S. refineries processed 16.5 million barrels daily last week—a considerable reduction from a week earlier—and produced 9.8 million bpd of gasoline and 5 million bpd of distillate is likely to have a largely local effect, affecting West Texas Intermediate.

As refinery maintenance season begins to be felt, stockpiles are bound to rise whatever demand expectations traders might have. Last week, gasoline stockpiles added 1.5 million barrels while distillate inventories went down by 2.2 million barrels. This compares with a 1.7-million-barrel draw for gasoline inventories a week earlier and an 800,000-barrel build for distillate inventories.

A Bloomberg report argued today that if President Trump fails to convince OPEC to increase production to make up for the lost supply from Iran, he has another card up his sleeve: the U.S. Strategic Petroleum Reserve. Opinions on the effectiveness of this move, however, differ. While some, such as Citi’s Ed Morse, suggests that an SPR sale could “knock a couple of bucks off the oil price,” others, such as Hess Corp’s Greg Hill are skeptical: “It won’t drop oil from $80 to $65, and any effect would be short-term.”

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

Leave a comment




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