• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 6 hours L.A. Mayor Ditches Gas Plant Plans
  • 3 hours Prospective Cause of Little Ice Age
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 12 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 9 hours students walk out of school in protest of climate change
  • 1 day Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 13 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 2 days And the War on LNG is Now On
  • 13 hours Why Is Japan Not a Leader in Renewables?
  • 10 hours Is the Green race a race from energy dependence.
  • 1 day And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian

Oil Up 3% As EIA Reports 3.4M Barrel Crude Inventory Drop

Oil Rig Offshore

The Energy Information Administration (EIA) is reporting a 3.4-million barrel drop in U.S. crude oil inventory in official data released this morning.

The drop completely contradicts data from the American Petroleum Institute (API) yesterday, which showed a 3.45-million-barrel oil inventory build—the highest in five weeks and a shock to the market after traders had gone on a late Tuesday buying spree on sentiments that inventory would remain unchanged.

According to the EIA, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 540.0 million barrels, U.S. crude oil inventories remain at historically high levels for this time of year.

Related: Turkey, At Energy Crossroads, Sliding Towards Authoritarianism

U.S. crude oil refinery runs averaged 16.2 million barrels per day during the week ending May 6, 2016, 193,000 barrels per day more than the previous week’s average. Refineries operated at 89.1 percent of their operable capacity last week. Gasoline production increased last week, averaging about 10.1 million barrels per day.

U.S. crude oil imports averaged about 7.7 million barrels per day last week, down by 5,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 7.8 million barrels per day, 8.4 percent above the same four-week period last year.

Related: Libya’s Oil Exports Could To Go To 0 bpd Within One Month

On Tuesday, Brent crude oil prices were up 4 percent and West Texas Intermediate (WTI) was up 2 percent on this bullish tidbit from the EIA.

According to Zerohedge, there has been unconfirmed speculation that erroneous API data had been leaked in advance late yesterday.

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