• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 21 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 56 mins Hormus and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 5 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 31 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 10 hours Middle East on brink: Oil tankers attacked off Oman
  • 4 hours Never Knew Gasoline Prices were this important!
  • 1 hour Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 3 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 21 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 20 hours Emmissions up, renewables nowhere
  • 20 hours Britain makes it almost 12 days with NO COAL
  • 21 hours Only one country is contemplating destroying its own resource sector: Canada
  • 2 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 4 hours We Are Better Than This
The Success Story Behind Tesla’s Tarnished Image

The Success Story Behind Tesla’s Tarnished Image

following a year of less-than-pleasing…

Expect More Bearish News For Oil

Expect More Bearish News For Oil

A very bearish inventory report…

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