• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 10 mins Joe Biden's Presidency
  • 23 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 18 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 15 hours Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 5 hours Did I Miss Something?
  • 2 days JACK MA versus Xi Jinping
  • 56 mins Minerals, Mining and Industrial Ecology
  • 1 day CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 1 day 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Researchers Are Harvesting Precious Metals From Industrial Waste
The Next 5 Days Could See A Buying Spree In Oil Futures

The Next 5 Days Could See A Buying Spree In Oil Futures

The annual five-day rebalancing of…

Saudis Prop Up Oil Prices, Cut Shipments To Asia And Europe

Saudis Prop Up Oil Prices, Cut Shipments To Asia And Europe

Saudi Arabia has announced reductions…

Oil Prices Rise On New Stimulus Hopes

Oil Prices Rise On New Stimulus Hopes

Oil prices were up on…

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 Rise After EIA Reports Small Crude Draw

Oil prices stabilized today after the Energy Information Administration reported a crude oil inventory draw of 2 million barrels for the week to September 25.

At 492.4 million barrels, inventories are still above the five-year average for the season, the EIA said. Analysts had expected a build of 1.4 million barrels.

The EIA also reported an increase in gasoline stocks a day after the API depressed the market, with an estimated 2.325-million build in gasoline inventories.

According to the EIA, gasoline inventories shed 700,000 barrels last week, which came after a draw of 4 million barrels estimated for the previous week. Gasoline production in the week to September 25 averaged 8.9 million bpd. This compares with an average of 9.3 million bpd a week earlier.

In distillate fuels, the EIA reported an inventory decline of 3.2 million barrels. Distillates have been a major headache for refiners due to subdued demand. Total inventories are now close to 180 million barrels—almost a record high—and refiners don’t really have an incentive to increase production. Last week, they produced an average of 4.4 million bpd of distillates. This compares with 4.5 million bpd, also an increase on the previous week.

Refineries processed some 13.7 million bpd of crude oil last week, compared with 13.4 million bpd a week earlier.

Meanwhile, Total has become the latest industry major to cast a shadow over hopes for oil demand recovery. In its Energy Outlook, the French supermajor said that while it projected growth in global energy demand, this did not apply to oil demand, which would plateau by 2030.

This added to more pandemic-induced fears as infections continued to rise in number in many key oil markets, including the United States and India, but also in a good chunk of Europe.

At the time of writing, Brent crude was trading at $40.76 a barrel with West Texas Intermediate at $39.54 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
  • George Doolittle on September 30 2020 said:
    The entire US energy Industry is being priced out of its own market. No one really cares what the price of gasoline is anymore let along diesel fuel in the USA.

    Some exceptions in local markets like Texas, North Dakota and Indiana of course but that's about it. Meanwhile the hundreds of trillions in US Dollar denominated debt that relies on the value of this so called "strategic asset" grows ever larger..

Leave a comment




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