• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 6 days Wind droughts
  • 14 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 9 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 7 days Oil Prices Fall After Fed Raises Rates
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 12 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Sweden Finds A Fourth Leak In Nord Stream Pipelines

Sweden Finds A Fourth Leak In Nord Stream Pipelines

Sweden’s Coast Guard has discovered…

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

Premium Content

Oil Prices Climb As EIA Reports Surprise Inventory Draw

A day after the American Petroleum Institute reported yet another estimated weekly build in U.S. oil inventories, the Energy Information Administration rejected it, reporting a draw of 1.7 million barrels for the week to October 18.

This interrupts a four-week string of inventory builds as prices trend lower on global economic growth concerns and its adverse impact on oil demand. Last week, the EIA reported a 9.3-million-barrel increase in inventories sending prices nosediving.

The authority also reported that at 433.2 million barrels, inventories were at the five-year average for the season, with refineries processing a daily average of 15.9 million barrels. This compares with 15.4 million bpd for the previous week.

Gasoline production averaged 10.1 million barrels daily last week, with inventories shedding 3.1 million barrels. A week earlier, gasoline production stood at 10 million bpd, with inventories of the fuel declining by 2.6 million barrels.

In distillate fuels, the EIA reported an average daily production of 4.8 million barrels and an inventory decline of 2.7 million barrels. This compares with production of 4.7 million bpd a week earlier, and an inventory decline of 3.8 million barrels. Related: Is Eating Meat Worse Than Burning Oil?

Oil prices yesterday got a temporary respite when reports emerged that OPEC was considering a deepening of the production cuts it agreed in December last year to prop up prices. That coupled with positive signs about U.S.-Chinese negotiations, but today oil was down once again as the effect of the good news without any follow-up official confirmation fizzled out.

At the time of writing, Brent crude was trading at $59.78 a barrel, and West Texas Intermediate was changing hands at $54.47 a Barrel, both down from yesterday’s close.

This trend suggests OPEC may need to change tack. In fact, as Bloomberg’s oil strategist Julian Lee wrote in a recent commentary, Saudi Arabia would do well to consider a U-turn in OPEC policy and turn the taps back on. This way, Lee argued, it would stop “subsidizing” U.S. shale and other higher-cost producers.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Victor Edwards on October 23 2019 said:
    This "surprise draw" thing is a rather increasing thing as the price of oil spirals downward. In fact, such a "surprise" is not actually believeable, and one suspects that this market [oil] is being manipulated savagely.
  • Jessie Phillips on October 23 2019 said:
    You are right victor... Anything to keep the prices high

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