• 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
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 2 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

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 Moves Higher As EIA Reports Huge Crude Draw

Crude oil prices jumped higher today after the U.S. Energy Information Administration estimated inventories in the country had shed 12.5 million barrels in the week to May 19.

A day earlier, the American Petroleum Institute had estimated that crude oil inventories in the U.S. had gone up/down by a sizable 6.7 million barrels, which surprised traders and prompted increased oil buying that boosted prices.

A week earlier, the EIA had estimated a crude oil inventory build of 5 million barrels, which, however, failed to move prices depressed by fears of a U.S. debt default.

At 455.2 million barrels, the EIA said, U.S. crude oil inventories are 3% below the five-year seasonal average.

In fuels, the EIA estimated inventory draws for the week to May 19.

Gasoline stocks shed 2.1 million barrels, which compared with a draw of 1.4 million barrels for the previous week.

Gasoline production averaged 10.3 million barrels daily last week, which compared with 9.5 million barrels daily a week earlier.

Middle distillate inventories last week fell by 600,000 barrels. This compared with a modest inventory increase to the tune of 100,000 barrels for the previous week.

Middle distillate production averaged 4.9 million barrels daily last week, which compared with 4.9 million barrels daily the week before.

The API’s report of an inventory decline yesterday pushed prices higher, especially as it coincided with a statement by the Saudi energy minister that short sellers in the oil space should “watch out”.

"Speculators, like in any market they are there to stay, I keep advising them that they will be ouching, they did ouch in April, I don't have to show my cards I'm not a poker player... but I would just tell them watch out," Abdulaziz bin Salman said, as quoted by Reuters.

At the time of writing, Brent crude was trading at $78.03 per barrel with West Texas Intermediate at $74.12 per barrel, both up from opening.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

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