• 4 hours Thanksgiving Gas Prices At 3-Year High
  • 8 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 10 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 13 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 14 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 15 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 17 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 8 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

The Undisputed Leader Of Tomorrow’s Oil & Gas Markets

The Undisputed Leader Of Tomorrow’s Oil & Gas Markets

According to the Executive Director…

Can Australia Surpass Qatar As World’s Top LNG Supplier?

Can Australia Surpass Qatar As World’s Top LNG Supplier?

Australia, the second largest exporter…

API Reports A Major Crude Oil Draw

Oil Field

The American Petroleum Institute (API) has reported a sizable draw on U.S. crude oil inventories, down 7.4 million barrels over the previous week—a much larger draw that expected, and the fifth draw in seven weeks.

Analysts expected a draw of around 1.7-2.2 million barrels for the week, and right ahead of the API data dump, oil prices responded upwards nearly 2 percent, in anticipation of a draw on a smaller scale.

Last week, the Energy Information Administration (EIA) showed a build of 4.25 million barrels of crude.

This week’s 7.4-million-barrel draw is the biggest draw since September.

It’s not all good news, though. On the flip side of this, gasoline and distillates experienced massive stockpile builds—the biggest in a year.

Gasoline saw a 4.25-million build, against an expected build of only 1 million barrels. Distillates stockpiles were up even more—reporting a 5.24-million-barrel build.

At Cushing, crude oil inventories were up, but less than expected, with a 482,000-barrel build, against the anticipated 900,000-barrel build.

Crude oil prices would have responded more wildly to the massive draw-down in inventory, however, the huge builds in gas and distillates negatively offset this picture.

Tuesday saw oil prices crash again, then slightly recover at the open of trading today and then dipping once again until climbing back up right before and after the API crude inventory data release. Just before the API release, West Texas Intermediate (WTI) was around US$53.20. Immediately after the release, WTI was at US$53.36 and Brent was at US$56.49.

Oil prices were also responding to increasing news indicating that the top oil exporters in the world not cheat on output cuts promised in the 30 November OPEC deal.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • GregSS on January 05 2017 said:
    Have a feeling that this has more to do with the massive amount of fog we have been experiencing at some of the ports.
  • jman57 on January 05 2017 said:
    These numbers are useless. No one knows how much oil there is hiding out there. Even API and EIA can't come close to agreeing on the numbers. Depends on who gets paid off the most.
  • Kr55 on January 04 2017 said:
    Hard to take this report seriously at all with API's recent history.

    Almost a blank slate tomorrow for the EIA data since this API will likely just be written off by more traders. Should be interesting.

Leave a comment

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