• 25 mins Kinder Morgan Warns About Trans Mountain Delays
  • 7 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 12 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 16 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 22 hours Conflicting News Spurs Doubt On Aramco IPO
  • 23 hours Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
New Tech Is Transforming Japan’s Energy Sector

New Tech Is Transforming Japan’s Energy Sector

The tech that built bitcoin…

Oil Markets Fear Iraqi Escalation

Oil Markets Fear Iraqi Escalation

The military operation by Iraqi…

API Data: Cushing Sees Moderate Build, Distillates Draw

The American Petroleum Institute’s (API) weekly inventory data released on Tuesday at 4:35 pm (ET) shows an inventory build of 1.265 million barrels, which is more than was expected.

The build this week is up from -1.070 million barrels the week before. Analysts were overall expecting a build of only around 0.500 million barrels last week, so this news will affect trading tomorrow.

The data showed a build at Cushing of 382,000 barrels, and a distillate draw of 2.6 million barrels. The gasoline draw is recorded at 1.17 million barrels.

Related: This Data Shows The Shale Debt Crisis Is Hitting Record Levels

Analysts are expecting tomorrow morning’s Energy Information Administration (EIA) report to show that crude oil stockpiles rose by 1.5 million barrels in the week ended 29 April.

Crude oil prices continued to drop Tuesday after news of an OPEC production increase and reports of stagnating Chinese demand for the month of April.

Light, sweet crude for June delivery dropped to $43.35 a barrel in New York. WTI had managed to hit over $46 last week, but the optimism has been short-lived and was largely founded on speculation rather than fundamentals.

Related: Why Iran’s Shale Oil Discovery Won’t Add To The Glut

On the Intercontinental Exchange (ICE), Brent crude for July delivery ranged between $44.63 and $46.41 a barrel, closing at $45.02, down 0.81 or 1.78%. North Sea Brent futures also dropped.

The EIA last week said that U.S. production for the week prior had fallen significantly by 15,000 barrels per day to 8.938 million bpd—a new 18-month low—so all eyes will be on tomorrow’s EIA inventory report.

Overall for the rest of this year, the International Energy Agency (IEA) expects non-OPEC production to fall by 700,000 bpd.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News