Crude oil prices ticked up today, after the U.S. Energy Information Administration reported an inventory draw of 6.3 million barrels for the week to September 1. This compared with a massive decline of 10.6 million barrels for the previous week, which brought inventories to the lowest in eight months. In fuels, the EIA estimated an inventory decline in gasoline and a build in middle distillates. In gasoline, the EIA reported an inventory draw of 2.7 million barrels for the last week of August, which compared with a modest 200,000-barrel stock draw for the previous week. Gasoline production stood at 9.8 million bpd, ... (full story)

Oil prices are holding on to recent gains this morning - trading at 10-month highs after API's reported big crude and gasoline draw - on the heels of OPEC+ production cuts and Chinese demand. Additionally, Aramco raised its prices for US and Asian buyers, as Saudi Arabia looks to draw crude out of storage by under-supplying the market to help boost prices. API • Crude -5.2mm (-2.1mm exp) • Cushing -1.4mm • Gasoline -5.09mm (-1.2mm exp) - biggest draw since March • Distillates +310k (-200k exp) DOE • Crude -6.3mm (-2.1mm exp) • Cushing -1.75mm • Gasoline -2.67mm (-1.2mm exp) - biggest draw since May • Distillates ... (full story)