• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 1 day Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 4 hours Saudi Arabia turns to solar
  • 15 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 9 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 5 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 10 hours Gazprom Exports to EU Hit Record
  • 6 hours U.S. Withdraws From U.N. Human Rights Council
  • 10 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 14 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 8 hours What If Canada Had Wind and Not Oilsands?
  • 8 hours "The Gasoline Car Is a Car With a Future"
  • 3 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 21 hours EVs Could Help Coal Demand
  • 9 hours Sell out now or hold on?
Alt Text

Iran: Oil Prices Could Jump To $140 On U.S. Sanctions

Iran’s OPEC governor Hossein Kazempour…

Alt Text

Goldman: Expect Another Bull Run In Oil

While oil prices are tumbling,…

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 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:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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