• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 31 mins Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 24 mins Ecoside
  • 17 hours Oil at $40
  • 1 day Welcome To The Club: Apple In Talks With Potential Suppliers Of Sensors For Self-Driving Cars
  • 2 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 3 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 hour Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 1 day Guaido and the Conoco Award
  • 6 hours The Number Increases: Swiss To Support Belt And Road Push During President's China Trip
  • 1 day Trump Torpedos Oil Pipeline Haters
  • 18 hours Is Canada hosed?
  • 1 day Opening up the waters off the coast of Florida to oil and gas drilling
  • 1 day Negative Gas Prices in the Permian
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 Shoot Up On Large Inventory Draw

A day after API’s estimate of another weekly crude oil inventory draw in a row sent WTI higher, the Energy Information Administration confirmed a large draw, at 9.6 million barrels for the week to March 15.

The authority said crude oil inventories stood at 439.5 million barrels at March 15, slightly below the average for the season.

In gasoline, the EIA reported a draw of 4.6 million barrels for the week to March 15, unchanged from a same-size draw a week earlier. Gasoline inventories have been posting hefty declines for three weeks in a row now.

In distillate fuel, the authority said inventories had shrunk by 4.1 million barrels, compared with a small build of 400,000 barrels in the prior week.

Refineries processed 16.2 million barrels of crude daily last week, the EIA also said, which compared with 16 million bpd a week earlier. Gasoline production averaged 9.9 million barrels daily, versus 9.7 million bpd a week earlier, and distillate fuel production averaged 4.9 million bpd, virtually unchanged on the previous week.

The EIA’s report will certainly help crude oil prices recover some of the losses they suffered yesterday after the brief spike following API’s report as worries around the U.S.-China trade deal deepened. What’s more, U/S. shale producers began hedging their future output to capture relatively higher prices, which also pressured West Texas Intermediate.

While OPEC’s production cuts is providing fuel for prices to climb higher, as is concern about supply from sanction-hit Iran and Venezuela, U.S. production has continued to act as a headwind for benchmarks, and so have expectations of slower demand growth resulting from weaker global economic growth this year.

At the time of writing, Brent crude was trading at US$67.37 a barrel and West Texas Intermediate was changing hands for US$59.10 a barrel, both down from opening this morning.

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
  • Frank Foley on March 20 2019 said:
    "...inventories stood at 439.5 million barrels at March 15, slightly below the average for the season"

    If inventories have never been above 400M in the history of this measurement, how exactly is 439.5M "average"?

Leave a comment




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