• 4 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 9 hours Keystone Pipeline Restart Still Unknown
  • 13 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 15 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 17 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 18 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 20 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 22 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 8 days Oil And Gas M&A Deal Appetite Highest Since 2013
Is This The Ultimate Fuel For Millennials?

Is This The Ultimate Fuel For Millennials?

The next biofuel breakthrough could…

Iran: Most OPEC Producers Back Extension Of Cuts

Iran: Most OPEC Producers Back Extension Of Cuts

The majority of OPEC members…

API Data: Cushing Sees Moderate Build, Distillates Draw

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