قالب وردپرس درنا توس
Home / Business / EIA Inventory Report Pushes Oil Prices Lower

EIA Inventory Report Pushes Oil Prices Lower



  fracking "title =" fracking "/> </source></picture></div>
<div id=

The Energy Management Agency reported a crude oil building construction of 3.7 million barrels per week until February 1

5, against a Increase of 3.6 million barrels last week pushed prices down.

Brent crude and West Texas Intermediate have tended higher today as news reports boost hopes that OPEC cuts will do their job and raise prices. Here was a visit of a special Saudi Arabian envoy to Nigeria, who had left the production cliff, instead increased his crude oil production. Following the visit, Nigeria's president promised a production cut.

New production data from the EIA failed to reverse optimism: the Authority estimates that Slate oil production will hit a record 8.4 million bpd, mainly due to strong production growth in Permian, while Permian's production will rise above 4 million bpd for the first time in history next month, the Energy Information Administration said in its latest release of its Drilling Productivity Report.

At the same time, petrol stocks in the world's largest consumer of oil and oil products fell by 1.5 million barrels last week, against a 400,000 barrel, rising one week earlier. In distillate fuels, EIA also reported a decline of 1.5 million barrels, compared to a storage of 1.2 million barrels a week earlier.

Refiners last week processed 15.7 million barrels of crude daily compared to 15.8 million bpd a week earlier, producing 9.5 million bpd of gasoline and 4.8 million bpd of distillate fuel. One week before US refineries were wiped out 9.6 million bpd of petrol and 4.8 million bpd of distillate fuel.

At writing time, Brent crude traded at USD 66.94 a barrel and the West Texas Intermediate shifted the US $ 56.88 per barrel, slightly down from the opening today, and the EIA's numbers are bound to cause more than a lukewarm reaction to markets.

By Irina Slav for Oilprice.com

More top readers from Oilprice.com: [19659011] Download Free Oilprice App Today


Back to homepage


Source link