• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 20 hours 67.50 was the low for now, $70 - $76+ back in play
  • 19 hours EU And Japan Sign Historic Free Trade Deal
  • 18 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 18 hours Daimler and BMW Will Beat Tesla in EV Race
  • 1 day Chartist predicting a $1 fall, after WTI drops $10
  • 19 hours China’s Technology Sector Takes On Silicon Valley
  • 23 hours Germany: We Can No Longer Fully Rely On U.S. White House
  • 12 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 2 days Well from $74 we hit 67.xx now what?
  • 23 hours Trump-Putin Helsinki Summit And Oil Prices
  • 2 days Rio Tinto Says $4-Million Goodbye to Coal
  • 2 days Trade War of 1930s, Extended the Great Depression
  • 2 days Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 19 hours Trump mulling releasing 5 to 30 Mill Barrels
Alt Text

Iran Threatens To Close Crucial Oil Chokepoint

Iran’s threat to close the…

Alt Text

Is This The End Of The Oil Rally?

After falling significantly last week,…

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

Oil Prices Rise After EIA Reports Draw Across The Board

Oil shipping

Amid rising oil prices following President Trump’s withdrawal from the Iran nuclear deal, the Energy Information Administration added to the bullish sentiment by reporting a draw of 2.2 million barrels in U.S. crude oil inventories.

Analysts polled by IG had expected a moderate build of 160,000 barrels, while a Reuters poll suggested inventories would be down by 1.2 million barrels.

In the prior week, the EIA had reported a substantial build in crude oil stockpiles, which pressured prices, albeit moderately, even though it was coupled with yet another weekly increase in production and a surprise build in gasoline inventories.

In the week to May 4, gasoline inventories fell by 2.2 million barrels, the EIA reported, which compares with a 1.2-million-barrel increase a week earlier. Gasoline production averaged 9.9 million barrels per day last week, down from the prior week, when refineries produced 10 million bpd.

Distillate inventories were also down, by 3.8 million barrels, after a decline of 3.9 million barrels a week earlier. Distillate production last week averaged 5 million barrels daily, unchanged from a week earlier.

West Texas Intermediate was trading at US$70.91 a barrel at the time of writing, with Brent crude at US$76.93, both up by more than 2 percent after Trump’s Iran announcement.

U.S. oil production likely continued to rise, after hitting 10.62 million bpd two weeks ago. This should be bearish for oil but not in the current circumstances, with the market expecting a substantial drop in Iranian oil exports and with Venezuelan oil production at a 70-year low.

Even Saudi Arabia’s stated readiness to increase production to make up for any shortages resulting from the U.S. withdrawal from the Iran deal and the consequent sanctions is unlikely to have any palpable effect on oil prices right now.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Neil Dusseault on May 09 2018 said:
    "Oil Prices Rise After EIA Reports Draw Across The Board"

    Really? Because the EIA reported an inventory build in oil stocks at Cushing of 1,388,000 barrels.

    "Even Saudi Arabia’s stated readiness to increase production to make up for any shortages resulting from the U.S. withdrawal from the Iran deal and the consequent sanctions is unlikely to have any palpable effect on oil prices right now."

    Wow...So, Saudi Arabia's willingness to pick up Iran's market share is finally acknowledged, only to be downplayed as if we are now down to our last drop of oil.

Leave a comment




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