• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 12 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 7 days Wind droughts
  • 20 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 19 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 3 days Xi Is Set To Be Re-Elected As China’s Leader
  • 8 days Oil Prices Fall After Fed Raises Rates
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Gasoline Prices Could Return To $5 Per Gallon

Gasoline Prices Could Return To $5 Per Gallon

The struggling global supply chain…

Oil Prices On Track For First Quarterly Loss Since 2020

Oil Prices On Track For First Quarterly Loss Since 2020

Recession fears have been driving…

Oil Rebounds On Bullish API Inventory Data

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.261 million barrels for the week ending January 29, along with gasoline, distillate, and Cushing draws as well.

Analysts had predicted an inventory build of 446,000 barrels for the week.

In the previous week, the API reported a draw in oil inventories of 5.272-million barrels, after analysts had predicted a small build of 430,000 barrels.

Oil prices were trading up on Tuesday ahead of the data release as the market heads further in backwardation territory and as traders view OPEC's adherence to its promised production quotas with renewed optimism.

A half-hour before Tuesday's data release, WTI had risen by $1.20 on the day (+2.24%) to $54.75, up $2.25 since this time last week.

The Brent crude benchmark had risen on the day $1.17 at that time (+2.08%) to $57.52—up $1.70 on the week.

U.S. oil dipped 100,000 bpd a day, to 10.9 million bpd, according to the Energy Information Administration, ending a six-week streak of 11 million barrels daily. Despite some views that the market fundamentals are looking up for oil, few are expecting a quick rebound in U.S. oil production.

The API reported a draw in gasoline inventories of 240,000 barrels for the week ending January 29—compared to the previous week's 3.058-million-barrel build. Analysts had expected a 1.134-million-barrel build for the week.

Distillate stocks saw a decrease of 1.622 million barrels for the week, adding onto last week's 1.398-million-barrel increase, while Cushing inventories fell by 1.885 million barrels.

­­Post data release, at 4:33 p.m. EDT, the WTI benchmark was trading at $54.86, while Brent crude was trading at $57.62.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News