• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.

Oil Prices Fall After 2-Day Rise

Crude oil prices fell on Thursday after rising on Tuesday and Wednesday, with Brent retreating shortly before reaching $98 per barrel.

The price of a Brent barrel sank 1.69% on Thursday by 2:58 pm ET, a $1.63 loss on the day to $94.92. The November contract for WTI fell $2.10 per barrel (-2.24%) to $91.58, after reaching $94.89 on Wednesday following the EIA’s Weekly Petroleum Status Report that showed a 2.2 million barrel decline in U.S. crude oil inventories for the week ending September 22, in tandem with a drop in crude inventories stored at Cushing, Oklahoma, to levels not seen since the summer of 2022.

The drop in Cushing inventories sent the industry into a short-lived mini panic about supplies running low—a panic that had run its course by Thursday afternoon, with prices indicating that it was in need of a correction.

Inventories at Cushing are now at 21.958 million barrels, according to the EIA’s latest data—a small amount for tanks that can hold near 100 million barrels. Some have suggested that when tanks near 10%-20% of that capacity, it is nearing operational lows, making it difficult to physically withdraw from tanks as it is like literally scraping the sludgy bottom of the barrel. 

While inventories at Cushing are at their lowest since last summer, Wednesday’s WTI price was the highest since last summer, and a $26 per barrel increase in just the three months since June 27.

Despite Thursday’s fall in prices, WTI and Brent are still trading up roughly $10 per barrel since the end of August, and analysts are expecting oil prices to hold on market fears about further OPEC supply cuts as we head into winter—with some suggesting that oil is still heading to $100 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

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