• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 3 hours Oil prices going down
  • 39 mins Could oil demand collapse rapidly? Yup, sure could.
  • 2 mins Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 7 hours Sabotage at Tesla
  • 37 mins What If Canada Had Wind and Not Oilsands?
  • 1 min Sell out now or hold on?
  • 15 hours Oil and Trade War
  • 15 hours venezuala oil crisis
  • 2 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 18 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 15 hours When will oil demand start declining due to EVs?
  • 17 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 3 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 14 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 11 hours The Wonderful U.S. Oil Trade Deficit with Canada
Shale Drillers’ $7 Billion Hedging Error

Shale Drillers’ $7 Billion Hedging Error

The rebound in oil prices…

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

The United States has overtaken…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

EIA Report Sees Brent Break $50

Oil Barrels

Crude oil inventories are down by 4.1 million barrels from the previous week, sitting at 526.6 million barrels, according to official U.S. crude oil inventory data released Wednesday by the Energy Information Administration (EIA).

This is the sixth consecutive drop in U.S. crude oil inventories.

Oil futures further boosted gains Wednesday on the EIA data for the week ended 24 June, with West Texas Intermediate (WTI) for August delivery at $48.91 per barrel on the New York Mercantile Exchange—up US$1.06 or 2.2 percent from the close on Tuesday.

Brent crude was up 3.33 percent to US$50.02 Wednesday.

The EIA’s data confirms a larger draw that the American Petroleum Institute (API) had reported Tuesday, and also beats analysts’ expectations.

The API Tuesday said U.S. stockpiles fell by 3.9 million barrels in the week to June 24--significantly more than the 2.4 million barrels seen by analysts polled by Reuters.

For the week ended 17 June, the API had said inventories had plummeted by 5.2 million barrels, but EIA data revealed that the draw was much more moderate, at less than a million barrels.

Barrel prices plummeted after the United Kingdom’s decision to leave the European Union last week. Brent oil has been approaching $52 a barrel before uncertainty in international markets and the pound’s devaluation caused the price to plummet.

According to the EIA, total motor gasoline inventories increased by 1.4 million barrels last week, while distillate fuel inventories decreased by 1.8 million barrels. Total commercial petroleum inventories decreased by 1.0 million barrels last week.

Related: Can The Natural Gas Rally Continue?

Crude oil refineries in the United States processed 16.7 million barrels a day in the week ending on June 24th - 190,000 bpd more than the week before. On average, the refineries operated at 93 percent capacity.

In contrast, gasoline production in the U.S. decreased last week, averaging at 10.0 million barrels per day and distillate fuels were churned out at a rate of 5.0 million bpd.

U.S. crude oil imports dropped by 884,000 to 7.6 million bpd over the past seven days. The four-week oil imports average stands at 7.8 million bpd, the report said.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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