• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 11 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 15 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 22 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 40 mins US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 18 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 11 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Hyperinflation Could Send Oil Prices Above $180

Hyperinflation Could Send Oil Prices Above $180

As the threat of hyperinflation…

Refining Billionaire: $100 Oil Is Likely

Refining Billionaire: $100 Oil Is Likely

With oil prices rallying in…

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 Major Hurricane-Driven Crude Draw

Crude oil prices rebounded on Wednesday morning after the Energy Information Administration reported a crude oil inventory draw of 9.4 million barrels for the week to August 30.

This compares with an inventory decline of 4.7 million barrels reported for the previous week, and a 6.36-million-barrel draw reported by the American Petroleum Institute yesterday. Analysts had expected a relatively modest inventory draw of 1.95 million barrels for the week to August 30.

At 498.4 million barrels, inventories remain above the five-year average for this time of the year as demand recovery stalls.

The EA also reported an inventory draw of 4.3 million barrels in gasoline and a 1.7-million-barrel decline in distillate fuel inventories for the last week of August. This compares with a gasoline inventory draw of 4.6 million bpd for the previous week and a build of 1.4 million barrels in distillate fuels.

Gasoline production last week averaged 9.5 million bpd, slightly up on the previous week. Distillate fuel production last week averaged 4.8 million bpd last week, down on the average of 5.1 million bpd in the previous week.

Refineries last week processed 13.9 million bpd of crude oil, compared with 14.7 million bpd during the previous week. Hurricane Laura had a big part to play in last week’s processing rates as some refineries had to close temporarily.

Oil prices have been trending higher since the start of the week on a string of bullish news, including strong economic data from China, a weaker U.S. dollar that made oil cheaper for buyers in foreign currencies, and reports of more economic stimulus discussions in key markets. All this fueled hopes of faster oil demand recovery, elevating prices.

At the time of writing, Brent crude was trading at $45.29 a barrel, with West Texas Intermediate at $42.31 a barrel, both down from the opening of trade today.

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News