• 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
  • 3 hours Bad news for e-cars keeps coming
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 13 days What fool thought this was a good idea...
  • 1 day The U.S. Is Determined to Revolutionize Its Microchip Industry
  • 11 days A question...
  • 16 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 16 days They pay YOU to TAKE Natural Gas
Oil, Gas Drilling Activity Slips in the U.S.

Oil, Gas Drilling Activity Slips in the U.S.

The total number of active…

Asian Refiners Diversify Away from Middle Eastern Oil

Asian Refiners Diversify Away from Middle Eastern Oil

Asian refiners are reducing their…

Canada's Oil and Gas Industry Soars to New Heights

Canada's Oil and Gas Industry Soars to New Heights

Canada's oil and gas industry…

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 Rises After EIA Confirms Major Crude Draw

Tanks

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 10.6 million barrels for the week to August 25.

The estimate compared with a draw of 6.1 million barrels for the previous week.

A day earlier, the American Petroleum had estimated inventories had shed a massive 11.5 million barrels in the week to August 25, which prompted a spike in oil prices.

In fuels, the Energy Information Administration reported a modest gasoline draw and a middle distillate increase.

In gasoline, stocks shed 200,000 barrels in the reporting period, which compared with a build of 1.5 million barrels for the previous week.

Gasoline production averaged 10 million barrels daily last week, which compared with 9.7 million barrels daily a week earlier.

In middle distillates, the authority estimated an inventory increase of 1.2 million barrels for the second to last week of August, which compared with a modest build of 900,000 barrels for the week before that.

Middle distillate production averaged 5 million barrels daily last week, which compared with 5.1 million barrels daily for the previous week.

Refineries processed 16.6 million bpd last week, operating at 93.3% of capacity, with imports averaging 6.6 million bpd, down from the previous week, when imports averaged 6.9 million bpd.

Oil prices, meanwhile, have been on the rise after two depressed weeks during which traders focused on economic data from the United States and China.

This week, however, things changed when the American Petroleum Institute reported that massive inventory draw, suggesting demand for fuels in the world’s biggest consumer remained resilient in the face of challenges.

Hurricane Idalia, which is currently moving towards the Florida coast, contributed to the price rise with the potential for more evacuations in the Gulf of Mexico after Chevron suspended operations at three platforms.

ADVERTISEMENT

At the time of writing, Brent crude was trading at $86.03 per barrel and West Texas Intermediate was trading at $81.84 per barrel, both up from opening.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Charlie Gee on August 30 2023 said:
    Ching Ching! Ching Ching! go exxon go!

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