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Crude oil prices moved higher today after the US EIA reported an estimated inventory decline of 6.9 million barrels for the week to August 30.

Oil prices rise on large crude inventory draw

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Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory decline of 6.9 million barrels for the week to August 30.

A day earlier, the American Petroleum Institute reported its own inventory estimate, which saw these drop by a sizable 7.4 million barrels in the final week of August. Analysts polled by Reuters had expected a draw of around 1 million barrels.

The EIA’s previous report pegged the decline in oil inventories at a modest 800,000 barrels, with mixed changes in fuel inventories.

For the final week of August, gasoline and middle distillate inventories saw more mixed changes.

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Source: Oil Price

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The development of gas processing plants and a pipeline opening in the Permian Basin are expected to give crude producers a boost in the second half of 2024.

Expanding gas processing capacity may increase Permian crude

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Crude production is about to pick up in the Permian Basin, analysts say.

Permian players are expanding gas processing and takeaway capacity in the basin—an indication of plans to ramp up crude production over the next two years, according to analysts tracking the region.

Permian crude production has flattened since February, staying within striking distance of 6 MMbbl/d since last fall, according to a study by analytical firm RBN Energy. Consolidation, capital discipline and a lack of natural gas takeaway capacity have led E&Ps to keep production relatively steady.

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Source: Hart Energy

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war

Oil’s rising price poised to boost energy sector

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war, which sparked fears of greater military conflict throughout the region. While higher oil prices may prove challenging for overall equity performance, energy stocks appear poised to benefit if commodity prices resume their ascent.
Oil’s surge and drop: Oil prices had risen following the eruption of violence in the Middle East, but have since fallen. West Texas Intermediate closed at $80.44 on Nov. 1 vs. $82.79 on Oct. 6, but will increase by more than 10% next year, according to U.S. Energy Information Administration forecasts. However, the EIA notes that its forecasts don’t take into account impacts from recent geopolitical events. Natural gas prices were recently $3.44 per million BTU compared to $3.34 on Oct. 6.

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Source: Pensions&Investments

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