• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 13 minutes Shale Oil Fiasco
  • 12 hours Indonesia Stands Up to China. Will Japan Help?
  • 23 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 1 min Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 2 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 11 mins Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours Might be Time for NG Producers to Find New Career
  • 14 mins Beijing Must Face Reality That Taiwan is Independent
  • 13 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 17 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 2 days Phase One trade deal, for China it is all about technology war
  • 1 day Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 1 day Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 2 days Trump has changed into a World Leader
Oil Is The Only Way Back Up For Venezuela

Oil Is The Only Way Back Up For Venezuela

Venezuela’s economic and humanitarian crisis…

API Reports Surprise Oil Inventory Draw

Cushing

The American Petroleum Institute (API) has estimated a crude oil inventory draw of 1.7-million barrels for the week ending October 24—in a deviation from analyst expectations of a 729,000-barrel build. The 1.7-million barrel draw was the second set of crude figures released by the API, the first of which was a build. The first numbers, according to sources, were in error.

Last week saw a large build in crude oil inventories of 4.45 million barrels, according to API data. The EIA’s estimates, however, disagreed, reporting a draw of 1.7-million-barrel build for that week.

After today’s inventory move, the net draw for the year now stands at 12.52 million barrels for the 44-week reporting period so far, using API data.

API

Oil prices were trading down on Tuesday prior to the data release, confused with conflicting reports that Saudi Arabia—the kingpin of OPEC—is willing to cut deeper at the December OPEC meeting, while Russia continues to suggest indirectly that it might not be interested in doing more. On top of that, and potentially more worrisome, is the demand growth prospects for oil that most analysts are predicting.

At 11:08am EDT, WTI was trading down $0.60 (-1.08%) at $55.21 per barrel—up $1 week over week. Brent was trading down $0.32 (-0.52%) at $60.93, up roughly $1.50 per barrel week on week.

Related: Shale Stocks Are Suffering From A Sentiment Problem

The API this week reported a draw of 4.7 million barrels of gasoline for week ending October 24. Analysts predicted a draw in gasoline inventories of 2.333 million barrels for the week.

Distillate inventories also fell, by 1.6 million barrels for the week, while inventories at Cushing fell by 846,000 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 18 stayed at 12.6 million bpd for the third week in a row—the highest production level that the United States has seen.

At 4:45pm EDT, WTI was trading at $55.47, while Brent was trading at $61.12.

Julianne Geiger for 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
Download on the App Store Get it on Google Play