Crude oil prices moved lower today, after the U.S. Energy Information Administration reported a sizeable inventory build of 8.7 million barrels for the week to November 17.
Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil.
WTI crude futures shed more than 3% on Thursday morning
A statement posted on the U.S. Office of Cybersecurity, Energy Security, and Emergency Response’s (CESER) website late Monday noted that the U.S. Department of Energy’s (DOE) Office of Petroleum Reserve announced a supplemental solicitation for up to three million barrels of oil for delivery in January 2024.
Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations.
Venezuela is expected to raise its crude oil production by less than 200,000 barrels per day (bpd) until the end of 2024 as years of underinvestment and mismanagement will hamper rapid output growth following the effective lifting of most oil sanctions on Venezuela for six months, the U.S. Energy Information Administration (EIA) said on Monday.
Crude oil prices moved higher today after the Energy Information Administration reported a crude oil inventory draw of 2.2 million barrels for the week to September 22.
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.
Crude oil prices inched lower today after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9.
U.S. crude oil production could gain 720,000 barrels daily this year, up from a previously forecast growth rate of 640,000 bpd, according to the latest edition of the Energy Information Administration’s Short-Term Energy Outlook.