• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 6 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours And now, hybrid electric locomotives...
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 3 days Los Angeles to Open Five New Natural Gas Plants to Avoid More Outages.
  • 16 mins The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 6 hours The Painful Death of Coal
  • 21 hours China Sees Opportunity As Venezuela’s Oil Industry Hits Rock Bottom
  • 5 days Ozone layer destruction driving global warming
Oil Prices Climb On Shocking OPEC Report

Oil Prices Climb On Shocking OPEC Report

Oil prices climbed on Monday…

EIA Crude Inventory Data Shows 900,000 Barrel Drop

Oil futures moved up slightly on Wednesday morning following the U.S. Energy Information Administration’s (EIA) official weekly report showing U.S. crude inventories down by 900,000 barrels for the week ending 10 June.

On Wednesday morning, WTI crude for July delivery was up 11 cents at $48.60 per barrel on the New York Stock Exchange. WTI was trading at US$47.90 before the EIA data release.

According to the EIA Weekly Petroleum Data summary, U.S. commercial crude oil inventories (not counting the Strategic Petroleum Reserve) dropped by 0.9 million barrels to 531.5 million barrels—still representing historically high inventory levels for this time of year.

The report also noted that total motor gasoline inventories decreased by 2.6 million barrels last week—also still “well above the upper limit of the average range”—with both finished gasoline inventories and blending components inventories decreasing last week.

Total commercial petroleum inventories decreased by 0.7 million barrels last week.

U.S. crude oil refinery inputs averaged over 16.3 million barrels per day during the week ending June 10, according to the EIA. This is 100,000 barrels per day less than the previous week’s average. Refineries operated at 90.2 percent of their operating capacity, and gasoline production decreased last week, averaging 9.7 million barrels per day.

Oil futures had dipped back down to well below $50 on Tuesday after the American Petroleum Institute (API) reported a build on U.S. crude oil supplies of 1.2 million barrels for the week ending 10 June.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • MARK on June 15 2016 said:
    I don't understand how we are producing about 8.6 million barrels of oil per day importing around 7 to 8 million per day and consuming 19 million a day and only 900,000 draw from inventories. Something is not adding up.

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