• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 44 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 8 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Putin blocks Ukraine access to Black Sea after Joe blinks
  • 14 mins U.S. Presidential Elections Status - Electoral Votes
  • 3 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 1 day Fukushima
  • 2 days So. Who's for Universal Basic Income?
  • 3 days Biden about to face first real test. Russia building up military on Ukraine border.
Will Big Oil’s Huge Carbon Capture Bet Pay Off?

Will Big Oil’s Huge Carbon Capture Bet Pay Off?

The world’s largest international oil…

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 Higher As The EIA Reports Inventory Draw

Crude oil prices continued to climb today after the Energy Information Administration reported a crude oil inventory draw of 800,000 barrels for the week to November 20.

A day earlier, the American Petroleum Institute reported an inventory build of 3.8 million barrels for the period. Analysts had expected the EIA to report a modest 127,000-barrel build in inventories. A week earlier, the EIA estimated a crude oil stock draw of 800,000 barrels as well.

In gasoline, the EIA reported an inventory increase of 2.2 million barrels for the week to November 20, compared with a build of 2.6 million barrels for the previous week.

Gasoline production averaged 8.9 million bpd, compared with 9.1 million bpd for the previous week.

In distillate fuels, the authority reported an inventory draw of 1.4 million barrels for last week, which compared with a hefty decline of 5.2 million barrels for the previous week.

Distillate fuel production last week averaged 4.6 million bpd, compared with 4.3 million bpd a week earlier.

Refineries processed 14.3 million bpd of crude oil last week, up considerably on the week before, when processing rates averaged 13.8 million bpd. Related: Climate Targets Could Slash Natural Gas Investment By $1 Trillion

Oil prices this week hit the highest since March, mostly on the back of more positive news about Covid-19 vaccines. Traders have shunned warnings about the early nature of the positive efficacy and safety results reported by pharma companies, betting big on a quick rebound in oil demand thanks to mass vaccinations. These vaccinations are still in the future, however, which puts the rally on shaky foundations.

In addition, the market has priced in a pending decision by OPEC+ to extend the current production cuts of 7.7 million bpd into next year, even though internal divisions within OPEC have caused some worry. Although all members of the cartel need oil prices much higher, not all of them are eager to continue cutting oil production, which is vital for their economies.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on November 25 2020 said:
    It is vaccine momentum that is invigorating the global oil market with the prospect of an easing of the global lockdown and not a crude oil inventory draw of 800,000 barrels.

    The draw is a drop in the ocean of an existing glut in the market estimated at 500 million barrels. Furthermore, how could a draw 800,000 barrels have more effect on oil prices than an inventory build of 3.8 million barrels as reported by the American Petroleum Institute?

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




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