• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 14 minutes The moves toward 'zero-manning' in oil & gas
  • 29 mins Global Hunger Continues to Grow Driven By Climate Change
  • 12 hours Jan's Electric bike replaces electric cars
  • 2 mins Is your name Philip? No? Too bad!
  • 15 hours Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 9 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 21 hours Audi Launches E-Tron Electric SUV With $74,800 Starting Price
  • 1 day Bezos Rips Trump For ‘Dangerous’ Attacks on The Media
  • 2 hours Blackouts in Australia
  • 2 days gas lines set 70 houses on fire simultaneously in Massachusetts, live now.
  • 12 hours Making Safe Nuclear Power from Thorium
  • 11 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days Germany Should have Gone with Nuclear
  • 1 day Senate cancels postal service hearing
Haynesville Shale Gas Production Is Bouncing Back

Haynesville Shale Gas Production Is Bouncing Back

Natural gas production in the…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

API Reports Huge Crude Draw

Oil rigs

The American Petroleum Institute (API) reported a large draw of 7.382 million barrels of United States crude oil inventories for the week ending December 8, making two large draws in back to back weeks. Analysts had expected a much smaller drawdown of 3.759 million barrels.

Last week, the American Petroleum Institute (API) reported a large draw of 5.481 million barrels of crude oil, but had dampened any enthusiasm that the oil bulls may have had by countering that with a massive build of 9.196 million barrels of gasoline.

This week, the API is reporting another build in gasoline inventories, but this time more moderate, at 2.334 million barrels for the week ending December 8. The results came in very close to forecasts for a 2.457-million-barrel build.

Brent crude had jumped in late afternoon trading on Monday and early Tuesday, as reports came in that the Forties pipeline would be shut down for an unspecified timeframe after a crack had been discovered.

By Tuesday afternoon at 2:19pm EST, both benchmarks were trading down, with WTI down 1.52 percent ($-0.88) at $57.11 and Brent crude down 2.13 percent (-1.38) at $63.31. Both benchmarks were up from last Tuesday.

Distillate inventories, too, saw another build this week, up 1.538 million barrels, against a forecast of a 902,000-barrel build. Distillate inventory has risen three weeks in a row leading up to this week, according to information by the Energy Information Administration, but are still almost 30 million barrels shy of the same week last year.

Inventories at the Cushing, Oklahoma, site decreased by 2.704 million barrels this week.

Related: OilCoin: The World’s First Compliant Cryptocurrency

The dip in U.S. crude oil inventories comes after weeks and weeks of increasing oil production in the United States, growing from an average of 8.946 million bpd in the first week of January of this year and reaching an average of 9.707 million bpd for week ending December 1.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT.

Shortly after data release, the WTI benchmark was down 1.29 percent on the day to $57.24 at 4:36pm EST. Brent was trading down 1.76 percent on the day at $63.55.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Dan on December 13 2017 said:
    Too cold and snowy to drive much. I see natural gas is falling on colder weather like always. Surprised no one investigates the natural gas trading, manipulation as reporters used to do decades ago.

Leave a comment

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