EIA inventory report pushes oil prices down



The Energy Information Administration announced that the crude oil stock had increased by 3.7 million barrels for the week to February 15, compared to an increase of 3.6 million barrels the previous week, which resulted in price.

The Brent and West Texas Intermediate have seen an upward trend today, the news reinforcing the hope that OPEC cuts will do their job and raise prices. The latest was a visit by Saudi Arabia's special emissary to Nigeria, which was moving away from the path of reduced production to increase crude oil production. After the visit, however, the Nigerian president promised to cut production.

New EIA production data have failed to reverse optimism: the authorities have forecast shale oil production to hit a record 8.4 million b / d, mainly because of the strong growth of production in the Permian. Production in the Permian is expected to exceed 4 million bpd for the first time in its history next month, the Energy Information Administration announced in the latest publication of its report on drilling productivity.

At the same time, gasoline inventories at the world's largest consumer of petroleum and petroleum products fell by 1.5 million barrels last week, compared with an increase of 400,000 barrels the previous week. In the distillate fuels, the EIA also announced a drop of 1.5 million barrels, compared to an increase in stocks of 1.2 million barrels a week earlier.

Refineries processed 15.7 million barrels of oil a day, up from 15.8 million barrels a week earlier, producing 9.5 million bpd of gasoline and 4.8 million bpd of distillate. A week earlier, US refineries produced 9.6 million bpd of gasoline and 4.8 million bpd of distillate.

At the time of writing, Brent crude traded at $ 66.94 per barrel and West Texas Intermediate was changing hands to $ 56.88 per barrel, a slight decrease from at its opening today.

By Irina Slav for Oilprice.com

More from Reading Oilprice.com:

Download the free Oilprice app today

back to the home page


Source link