• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 1 hour Prospective Cause of Little Ice Age
  • 4 hours L.A. Mayor Ditches Gas Plant Plans
  • 10 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 3 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 7 hours students walk out of school in protest of climate change
  • 24 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 11 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day And the War on LNG is Now On
  • 11 hours Why Is Japan Not a Leader in Renewables?
  • 8 hours Is the Green race a race from energy dependence.
  • 1 day And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
Alt Text

Oil Prices Rise As Saudis Pledge Deeper Cuts

Saudi Oil Minister al-Falih has…

Alt Text

Why WTI Is A Global Oil Market Benchmark

As U.S. crude oil production…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Oil Trades 4 Percent Lower Over Bearish Inventory Reports

Oil traders woke up on January 6 to the news that Brent crude traded below $35 per barrel for the first time in 11 years. The new milestone was reached even as tensions have been ratcheted up in the Middle East between Saudi Arabia and Iran, as well as ISIS attacks on oil storage assets in Libya.

A sense of despair continues to loom over oil markets, a mood that geopolitical unrest probably cannot undo. The EIA reported weekly figures that continue to show a stubborn refusal by the U.S. oil industry to cut back on production. The EIA estimates that the U.S. produced 9.2 million barrels per day (mb/d) for the last week of 2015, meaning that output levels have remained relatively flat in recent months despite expectations of a swifter decline. Gasoline inventories actually increased by 10 million barrels last week as well, and oil demand over the past month, at 19.7 mb/d, is about 2.5 percent lower than a year ago.

But all is not lost. There was a surprisingly strong drawdown in oil storage levels, with crude inventories falling by 5.1 million barrels for the week ending on January 1, exceeding analysts’ estimates. One week does not make a trend, but storage levels are down from a peak of 490 million barrels reached in December.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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