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Oil Rebounds On Surprise Crude Draw

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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Oil Prices Slide On Small Crude Build

As oil prices continue to press on higher the EIA reported an inventory build of 1.2 million barrels for the week to June 29. This follows three consecutive weekly draws of a total of 19.9 million barrels.

On Tuesday, the American Petroleum Institute added fuel to prices by reporting an estimated draw of 4.5 million barrels for the same period as well as a draw in gasoline inventories, of 3.1 million barrels.

The EIA reported gasoline inventories had shrunk by 1.5 million barrels in the week to June 29, after two consecutive weekly builds of a combined 4.5 million barrels. Gasoline production averaged 10.3 million barrels daily, with refineries operating at 97.1 percent of capacity and processing 17.7 million bpd of crude.

In distillates, the EIA reported a minor inventory build of 100,000 barrels, which compares with no change a week earlier and a 2.7-million-barrel build three weeks ago. Distillate production averaged 5.5 million barrels, up from the previous week’s 5.4 million bpd.

Meanwhile, the market was most recently rattled by the latest anti-OPEC tweet by President Trump, which saw prices immediately inch down after he berated the cartel for not doing enough to pressure them down. That tweet comes just days after Trump boasted he had convinced Saudi Arabia to add 2 million bpd to daily production. Related: Iran Threatens To Close Crucial Oil Chokepoint

In other bad news for market stability, China has again warned it would slap retaliatory duties on U.S. crude oil imports if Washington goes ahead with the latest round of planned tariffs, which will cover some US$34 billion worth of goods.

The Iran plot is also thickening. President Rouhani, who is on a tour in Europe to seek support from the Western European signatories to the nuclear deal, has warned that any attempt to reduce Iranian crude exports to zero will have consequences, suggesting Iran might close the Strait of Hormuz, which accounts for more than a third of global seaborne oil trade.

By Irina Slav for Oilprice.com

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