Draw on commercial stocks in October is not the start of a trend, but fears of reaching capacity are overstated: IEA The Organization of Economic Cooperation and Development saw commercial stocks of crude oil draw down for the first time in seven months, according to the International Energy Agency’s (IEA) December Oil Market Report. Commercial stocks stood at 2,971 MMBO
Rig count hits five-year low The U.S. rig count continued to slide further even as WTI prices staged a comeback, climbing near $50 per barrel. The total rig count in the U.S. fell 14 rigs this week to 795 total rigs, according to Baker Hughes Industries (ticker: BHI). Rigs are down 69 from the beginning of August, and 814, or
Prices jump over $2.50 on inventory drop Oil prices today closed at $47.13, up $2.54, or 5.7% higher than where they started the day. The spike in prices is a bit of welcome news for the industry, which has been learning to live with oil prices at less than half their peak levels just over a year ago. Inventories saw
But oil trades lower Crude oil inventories dropped for the eighth straight week in the Energy Information Administration’s Weekly Petroleum Status Report for the week ended June 19, 2015. Inventories peaked at 490,912 MBO in the last week of April, but have since averaged weekly declines of about 3,490 MBO. The current level of 462,993 MBO is still about 22%
Crude oil inventories rose yet again in the Energy Information Administration’s (EIA) report for the week ended February 20, 2015, setting another record high. For those keeping track, the inventory has climbed by more than 60 million barrels since its report on September 25, 2014 (18%), and approximately 48.6 million barrels since the end of 2014 (11%). Why do Inventories
Working natural gas storage has surpassed five-year average levels for the first time in more than a year, reports the Energy Information Administration (EIA). At 2,157 Bcf as of February 13, stocks are 58 Bcf greater than the five-year average. The last time inventories surpassed the five-year average was in November of 2013. Inventories ended the 2013-2014 winter withdrawal season
