• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
A Signal of Strong Short Term Demand in Oil Markets

A Signal of Strong Short Term Demand in Oil Markets

A significant development this week…

Kyrgyzstan’s Explosive Car Market Growth Raises Eyebrows

Kyrgyzstan’s Explosive Car Market Growth Raises Eyebrows

Kyrgyzstan is seeing significant growth…

API Reports First Crude Build In Five Weeks

The American Petroleum Institute (API) estimated the inventory build this week for crude oil to be 5.983 million barrels after analysts predicted a build of 767,000 barrels.

U.S. crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020. Global crude stockpiles are also low.

In the week prior, the API reported a draw in crude oil inventories of 1.076 million barrels after analysts had predicted a larger draw of 1.769 barrels.

Oil prices were mixed on Wednesday in the run-up to the data release on profit-taking after Tuesday's big price spike following Russia's official recognition of  separatist regions of Ukraine as independence and subsequent movement of Russian troops into those regions. Ultimately, the United States slapped sanctions on Russia following those actions.

WTI was trading up 0.05% at $91.96 per barrel on the day at 1:23 p.m. EST—and flat on the week. Brent crude was trading down 0.12% on the day at $96.72 per barrel on the day—but up nearly $3 per barrel on the week.

U.S. crude oil production held steady in the most recent reporting week. For the week ending February 11—the last week for which the Energy Information Administration has provided data—crude oil production in the United States stayed at 11.6 million bpd. This is down 1.5 million bpd from the pre-pandemic era.

This week, the API reported a build in gasoline inventories at 427,000 barrels for the week ending February 18—compared to the previous week's 923,000-barrel draw.

Distillate stocks saw a decrease in inventory of 985,000 barrels for the week, after last week's 546,000 barrel decrease. Cushing saw a 2.066 million-barrel decrease this week. Cushing inventories stood at 25.8 million barrels as of February 11 and declining—down from 60 million barrels at the start of 2021, and down from 37 million barrels at the end of 2021.

At 4:47 pm, EST, WTI was trading at $92.26, with Brent trading at $97.00


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