• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 16 mins Which producers will shut in first?
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 5 hours Its going to be an oil bloodbath
  • 18 hours We are witnesses to the end of the petroleum age
  • 43 mins Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 23 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 13 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 1 hour How to Create a Pandemic
  • 7 hours Wastewater Infrastructure Needs
  • 21 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 22 hours >>The falling of the Persian Gulf oil empires is near <<
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 Steady As EIA Reports Small Crude Draw

Oil prices held steady on Wednesday morning after the Energy Information Administration today reported a draw of 2.7 million barrels in crude oil inventories.

Analysts had expected a draw, after yesterday the API also reported lower inventories and much lower than forecast, at that. The Institute’s estimate was for a 3.45-million-barrel decline versus expectations for a draw of 1.889 million barrels.

The EIA’s latest figure compared with inventory builds for each of the last two weeks. Last week, the authority reported an increase of 1.6 million barrels and the week before that, it estimated a rise of 2.4 million barrels.

For last week, the EIA also reported gasoline inventories had added 300,000 barrels, compared with a decline of 1.4 million barrels for the week before. In distillate fuels, the EIA reported a more sizeable build of 2.6 million barrels for last week, versus a fall of 1.9 million barrels a week earlier.

In fuel production, the authority reported average daily rates of 9.9 million barrels for gasoline and 5.3 million barrels for distillate fuels. A week earlier, refineries produced 10.2 million bpd of gasoline and 5.1 million bpd of distillate fuels.

Prices have been trending higher over the last few days on the back of positive signals about the trade conflict between the U.S. and China but also on reports of a Houthi drone attack on a Saudi oil and gas field.

Despite official statements from Riyadh that the attack had caused no serious or lasting damage, prices reacted with a jump. This jump could create trouble for U.S. oil exporters, according to one commodity analyst from Schneider Electric who spoke to MarketWatch.

“However, as WTI’s discount to Brent narrows, U.S. exports could be challenged, leaving more supply to be absorbed by a U.S. refining sector that is nearing the end of the peak demand season,” Robbie Fraser said.

At the time of writing, Brent crude was trading at US$61.09 per barrel, with West Texas Intermediate at US$56.73 a barrel.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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