Strong Draw In Crude Inventories Lifts Oil Prices

5 Jan 2018   Prices

A day after API contributed to WTI’s reaching its highest price level since 2015 with an estimated 5-million-barrel draw in crude oil inventories, the EIA reinforced the bullish mood with its own draw, and a big one, of 7.4 million barrels for the last week of 2017 Analysts had expected the EIA to report a draw of 1.3 million barrels . The authority said, however, that gasoline inventories had gone up, by 4.8 million barrels last week, with average daily production at 9.7 million barrels. This compares to a 600,000-bpd increase in gasoline inventories in the prior week and an average daily production rate of 10.2 million barrels. The EIA report comes amid continuing protests in Iran, which sent Brent crude closer to US$70 a barrel and West Texas Intermediate above US$62 a barrel. There is fear that the civil unrest in Iran could extend into Saudi Arabia, where […]

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