 |
Louisiana Light • 4 days | 83.45 | -0.94 | -1.11% | ||
|
Bonny Light • 4 days | 84.45 | -0.41 | -0.48% | ||
|
Opec Basket • 4 days | 83.79 | -0.44 | -0.52% | ||
|
Mars US • 186 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 10 mins | 2.570 | -0.018 | -0.69% |
|
Bonny Light • 4 days | 84.45 | -0.41 | -0.48% | ||
|
Girassol • 4 days | 85.44 | -0.34 | -0.40% | ||
|
Opec Basket • 4 days | 83.79 | -0.44 | -0.52% |
|
Peace Sour • 4 hours | 71.68 | +0.37 | +0.52% | ||
|
Light Sour Blend • 4 hours | 74.73 | +0.37 | +0.50% | ||
|
Syncrude Sweet Premium • 4 hours | 81.68 | +0.37 | +0.46% | ||
|
Central Alberta • 4 hours | 72.08 | +0.37 | +0.52% |
|
Eagle Ford • 4 days | 74.59 | -0.84 | -1.11% | ||
|
Oklahoma Sweet • 4 days | 74.50 | -1.00 | -1.32% | ||
|
Kansas Common • 7 days | 72.25 | -0.75 | -1.03% | ||
|
Buena Vista • 8 days | 87.60 | -1.22 | -1.37% |
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API Data Shows 5.1M Barrel Draw, Biggest Since December 2015
U.S. crude oil supplies fell by 5.1 million barrels for the week ending in May 20th, causing the largest inventory draw since December 2015, according to American Petroleum Institute’s (API) weekly report.
Ahead of the data, the anticipated reduction in supply caused crude prices to jump over US$49 a barrel. It was expected that the draw would be two million barrels or less.
Zero Hedge pointed out a seasonal trend for large draws in May. Last year, crude oil experienced a draw of 16.4 million barrels around the same time of the current month.
Related: Is OPEC A U.S. National Security Threat?
Oil supplies at Cushing, Oklahoma dropped by 189,000 barrels - the first in four weeks.
Distillate supplies decreased by almost three million barrels.
Gasoline inventories, on the other hand, rose dramatically with a build of 3.6 million barrels instead of a draw of 1.5 million.
Related: Oil Prices Spike Ahead Of Inventory Reports
Last week, the amount of crude oil at hand dropped by 1.1 million barrels, less than the three million barrel dip forecasted by S&P Global Platts.
During the week ending on May 13th, crude oil supplies fell by 1.14 million barrels, while Cushing increased its stock by 508,000 barrels.
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The API, however, does not have the last work on this week’s inventory situation. Recent weeks have seen the Energy Information Agency (EIA) come out with completely contradictory data, so all eyes will be on the official report tomorrow afternoon.
By James Burgess for Oilprice.com
More Top Reads From Oilprice.com:
- Key Pipeline Could Unleash Alberta’s Oil Sands
- Saudis Move Away from Crude with $1.4B In Deals With GE
- Saudi Market Share Takes A Hit As Russia Doubles Oil Exports To China
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
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Don on May 24 2016 said:And more than likely the report will say they are wrong which they are most of time but the damage is already done. The claim will probably result in a 4 to 6 cent spike in gas prices at the pump for consumers. this sort of public manipulation of the market should not be allowed.
Don on May 24 2016 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
