• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 19 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 16 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Сryptocurrency predictions
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Jumps On EIA Inventory Data

Crude oil prices moved higher today after the Energy Information Administration today reported a modest inventory draw of 200,000 barrels for the week to September 23.

This compared with an increase in oil inventories of 1.1 million barrels for the previous week. Yesterday, the American Petroleum Institute estimated a 4.15-million-barrel build in crude oil inventories for the week to September 23.

In fuels, the EIA reported draws across the board.

Gasoline stocks, according to the authority fell by 2.4 million barrels in the reporting period, with production averaging 9.6 million barrels daily.

This compared with an inventory build of 1.6 million barrels and average daily production of 9.5 million barrels.

In middle distillates, the EIA estimated an inventory fall of 2.9 million barrels for the week to September 23, with average daily production at 5 million barrels.

This compared with an inventory build of 1.2 million barrels and average daily production of 5.2 million barrels a week earlier.

In the past few days oil prices have been on the slide as aggressive Fed policy has sent the dollar soaring. Earlier today, however, prices reversed the trend prompted by the shutdown of some offshore production in the Gulf of Mexico ahead of Hurricane Ian.

Expectations that OPEC+ will agree oil production cuts at its next meeting next week also served to lend some support to oil prices in the past few days.

There may be more support for oil prices coming soon, too, as demand for the commodity remains robust while supply is not growing. In fact, it’s shrinking, and so is spare production capacity.

OPEC’s latest production figures showed the total was 3.58 million bpd below targets; Russia’s exports are seen dropping by 2.4 million bpd next year; and U.S. producers are staying on the cautious path with regard to production growth.

This, plus the need for the U.S. to replenish the strategic petroleum reserve after sales of 180 million barrels, suggests a bullish outlook for oil prices in the near to medium term.

On the bearish side, a recession could offset much of the bullish potential and analysts see the chances of a recession in the U.S. at between 45 percent for the next 12 months and 55 percent for the next 24 months.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on September 28 2022 said:
    Oil prices haven't reacted to OPEC+ under-producing in September by 2-3 million barrels a day (mbd). Therefore, would any one believe that a modest inventory draw of 200,000 barrels could push up oil prices?

    I am sure the author is more than capable of finding more interesting oil issues to write about in-depth.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • George Doolittle on September 28 2022 said:
    The futures price of a good is based upon exactly what as unexpected again?
  • DoRight Deikins on September 28 2022 said:
    Perhaps President Biden is waiting so that he can blame high gas prices on a new Congress.

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