• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 48 mins Is the oil & gas industry on the way out?
  • 2 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 43 mins In a Nutshell...
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 7 hours Why Oil could hit $100
  • 2 days Where is Alberta, Canada headed?
  • 5 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days The Coal Industry May Never Recover From The Pandemic
  • 2 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days Why Wind is pitiful for most regions on earth
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 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





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