• 4 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 8 hours Something wicked this way comes
  • 15 hours A sneak peak into the US election
  • 3 hours France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 13 mins America's Frontline Doctors - Safely Start Living Again!
  • 4 hours Permian in for Prosperous and Bright Future
  • 1 day covid. stop the carriers and thus stop the virus.
  • 2 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 2 days Is the coal industry on the way out?
  • 7 hours Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 2 days GPOR - Gulfport Oil - Why?
  • 21 hours California’s Electric Vehicle Dream Has A Major Problem: No
  • 2 days Tucker Carlson responds to CDC after agency critiques commentary about mask-wearing
  • 1 day Vote Biden for Higher Oil Prices
  • 1 day Ethanol present in gasoline
Why The Elections Aren’t Moving Oil Prices

Why The Elections Aren’t Moving Oil Prices

It is generally agreed that…

Oil Rallies As Trump Returns To The White House

Oil Rallies As Trump Returns To The White House

After soaring on Monday, oil…

Problems Are Piling Up For Oil Majors

Problems Are Piling Up For Oil Majors

Oil majors have been hit…

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 Jump On Bullish EIA Report

After they dipped following the Tuesday inventory report by the API, oil prices recouped some of their losses after the Energy Information Administration reported a crude oil inventory draw for the week to December 13.

The draw came in at 1.1 million barrels, which compared with analyst expectations of a 1.92-million-barrel draw and a build of 800,000 barrels for the previous week.

The EIA also reported a 2.5-million-barrel increase in gasoline stockpiles and an average production rate of 9.8 million bpd. This compared with a hefty inventory increase of 5.4 million barrels and average production of 9.8 million bpd a week earlier.

In distillate fuels, the authority reported an inventory build of 1.5 million barrels for last week and production of 5.1 million bpd. This compared with a build of 4.1 million barrels and production of 5.2 million barrels daily in the previous week.

Refinery processing rates remained unchanged last week from the week before, at 16.6 million bpd. Imports stood at 6.6 million bpd, down from 6.9 million bpd.

Oil price sentiment has been moving closer to the optimistic end of the scale recently, as U.S.-Chinese trade relations seem to have warmed enough for the sides to agree a “phase-one deal” that, according to President Trump, only needs to be translated now.

Fresh economic data from two of the world’s top oil consumers—the United States and China—has also been positive for oil prices, with industrial activity picking up on both in November.

There are, however, skeptics among investors, who are hard pressed to believe that even with this improved oil demand outlook and the deeper OPEC+ production cuts the prospects for oil prices is all that optimistic.

Goldman Sachs and JP Morgan are not among skeptics. The two banks both raised their oil prices outlook in the past week, citing OPEC+’s deeper cuts and improvements in the demand outlook for the commodity.

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