• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 5 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 14 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 8 hours Let's shut down dissent like The Conversation in Australia
  • 4 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 1 min Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 55 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 14 hours Hong Kong protesters appeal to Trump for support.
  • 2 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 3 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 7 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 22 hours Saudis Buying Oil From Iraq
  • 23 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 7 hours Iran in the world market
Alt Text

World’s Top Oil Trader Sees Oil Prices Weakening This Year

Vitol, the world’s biggest independent…

Alt Text

Gas Price Jump Imminent Following Saudi Attacks

The attack on a Saudi Arabia…

Alt Text

Oil Prices Close 15% Higher On Record Trading Day

Oil prices spiked on Monday,…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

WTI Spikes Above $60 For First Time In Nearly Two Months

Oil prices spiked on Wednesday afternoon after the Energy Information Administration (EIA) reported a significant decrease in crude oil inventories in the United States, combined with the threat of oil production disruptions in the Gulf as a tropical cyclone has caused major oil companies to evacuate personnel to varying degrees.

The EIA reported on Wednesday morning that oil inventories in the United States had decreased by nearing 10 million bpd last week—surpassing API’s yesterday estimates of an 8.1-million-barrel draw and more than triple what analysts had expected.

Further price support came in the way of a tropical storm that has caused several deepwater Gulf of Mexico producers to evacuate personnel from its offshore platforms, including Chevron, Shell, BP, and BHP.

The tropical “disturbance” set to hit the Gulf may soon become Hurricane Barry, the latest indications from the National Hurricane Center announced late Wednesday afternoon show, which designated the cluster of storms over the GoM as “Potential Tropical Cyclone 2”. The disturbance is likely to become a storm Wednesday or Thursday, with a possible hurricane forming over the weekend.

The Gulf of Mexico accounts for 17% of the total crude oil output in the United States, which the latest EIA data shows to be 12.2 million barrels per day.

WTI prices spiked 4.41% by 3:00pm EST, an increase of $2.55 on the day to $60.38 per barrel. Brent crude, too, saw a marked increase of 4.43% by that time, up $2.84 per barrel to reach $67.00 per barrel.

Geopolitical factors such as the continuing tensions in the Middle East and the ongoing sanctions on crisis-rocked Venezuela have had less of an effect on oil prices.

Wednesday’s WTI prices late Wednesday afternoon rose to the highest since May 22.

By Julianne Geiger 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
Download on the App Store Get it on Google Play