• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 1 hour Oil prices going down
  • 4 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 1 day Trump Hits China With Tariffs On $50 Billion Of Goods
  • 4 hours Another WTH? Example of Cheap Renewables
  • 2 days Bullish and bearish outlook for oil
  • 2 days Rolls Royce shedding 4,600 jobs
  • 3 days After Trump-KJU, Trump-Putin Summit
  • 1 hour What If Canada Had Wind and Not Oilsands?
  • 1 day When will oil demand start declining due to EVs?
  • 1 day Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 4 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 days U.S. Cars Will No Longer Need 55mpg Fuel Efficiency By 2025.
  • 3 hours The Permian Mystery
  • 8 hours China & India in talks to form anti-OPEC
  • 22 hours Gazprom Exports to EU Hit Record
  • 2 days Epic Fail as Solar Crashes and Wind Refuses to Blow
EV Makers Receive Little Support From Trump

EV Makers Receive Little Support From Trump

Electric vehicle makers find themselves…

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil prices reversed on Wednesday…

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

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