• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 4 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 10 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 22 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 22 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 9 hours Saudi Fund Wants to Take Tesla Private?
  • 19 hours Starvation, horror in Venezuela
  • 9 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 10 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 24 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 2 hours Corporations Are Buying More Renewables Than Ever
  • 18 hours WTI @ 69.33 headed for $70s - $80s end of August
Is This A Game Changer For Drones?

Is This A Game Changer For Drones?

Fuel cell technology could significantly…

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