• 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
  • 30 mins CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Wasting money down under
  • 5 hours If hydrogen is the answer, you're asking the wrong question
  • 1 day Natural gas mobility for heavy duty trucks
  • 2 days Ocean Heat Could Supply Endless Clean Energy
  • 7 days Energy and food crisis will lead to riots in Europe
China's Fuel Export Quota Could Spark Global Supply Challenges

China's Fuel Export Quota Could Spark Global Supply Challenges

China's gasoline exports have declined…

Will Battery Storage Make Gas Power Generation Redundant?

Will Battery Storage Make Gas Power Generation Redundant?

Despite advancements in battery storage…

API Reports Larger-Than-Expected Crude Draw Ahead Of Key OPEC Meeting

The American Petroleum Institute (API) on Tuesday reported a large draw in crude oil inventories of 4.045 million barrels for the week ending August 27, bringing the total 2021 crude draw so far to more than 62 million barrels, using API data.

Analysts had expected a loss of 2.833 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 1.622 million barrels—a loss smaller than the 2.367 million barrel draw that analysts had predicted.

Oil prices fell on Tuesday leading up to a critical OPEC meeting on Wednesday that will essentially decide the short-term fate of the oil market. OPEC will review the merits of its plan that calls for an additional 400,000 barrels of oil production per day to be returned to the market each month.

WTI fell 0.59% on Tuesday afternoon leading up to the data release.

At 12:28 p.m. EST, WTI was trading at $68.80—a $1 gain on the week. Brent crude was trading down 0.56% for the day at $73.00.


While U.S. crude oil stocks continue their decline, U.S. oil production stayed at  11.4 million bpd for the second week in a row.

The API reported a build in gasoline inventories of 2.711 million barrels for the week ending August 27—compared to the previous week's 985,000-barrel draw.

Distillate stocks saw a decrease in inventories this week of 1.961 million barrels for the week, compared to last week's 245,000-barrel decrease.


Cushing inventories rose this week by 2.128 million barrels, after last week's 485,000-barrel decrease.

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