• 3 hours Thanksgiving Gas Prices At 3-Year High
  • 7 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 9 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 12 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 12 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 13 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 15 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
  • 3 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
  • 5 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
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Did Venezuela Just Default?

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela…

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 Moderate Crude Build, Oil Glut Reaches New Record

Cushing tank farm

The American Petroleum Institute (API) reported a build of 2.502 million barrels in United States crude inventories against expert predictions that domestic supplies would see a 2.8-million-barrel build.

While the build in crude oil inventories was smaller than analysts had predicted, it marks a new high in US inventories. The chart below displays the cumulative build, per API data, since the beginning of the year, based on this data:

API
4-Jan -7,400,000
10-Jan 1,500,000
18-Jan -5,042,000
24-Jan 2,930,000
31-Jan 5,800,000
7-Feb 14,227,000
14-Feb 9,940,000
22-Feb -884,000
28-Feb 2,502,000

  

Cumulative changes in crude oil stocks since Jan 4, 2017

The inventory picture based on EIA data is even less rosy:

EIA
5-Jan -7,100,000
12-Jan 4,100,000
19-Jan 2,300,000
25-Jan 2,800,000
1-Feb 6,500,000
8-Feb 13,800,000
15-Feb 9,500,000
23-Feb 600,000

Cumulative changes in crude oil stocks since Jan 5, 2017

Moments before the API data release, WTI and Brent benchmarks were divided with WTI trading down 0.19% at $53.95, and Brent trading up 0.11% at $56.48 after an earlier Reuter’s survey showed OPEC’s cut compliance had reached 94% in February, and the White House quashed rumors that the current ethanol mandate would be changed. This was tempered by fears that crude oil stocks would build yet again—and to record highs—ahead of this afternoon’s data.

The API also reported a 544,000-barrel build in inventories at the Cushing, Oklahoma facility.

Gasoline inventories rose despite analyst predictions of a 1.5-million-barrel draw. Instead, gasoline inventories climbed 1.84 million barrels. At 4:54PM, gasoline was trading at $1.71, down 1.57%.

Distillates stocks saw a draw of 3.73 million barrels.

West Texas Intermediate (WTI) prices began to fall after shortly the API report’s release, with WTI trading at $53.87 and Brent trading at $56.40.

All eyes will be on the EIA inventory report tomorrow at 10:30EST to see what is in store for crude oil and gasoline stocks.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Citizen Sane on March 01 2017 said:
    The numbers don't make sense. The supply continues to go increase but the investors and pundits keep talking up a higher price. When are people going to come to their senses? When all the tanks are full??
  • petergrt on February 28 2017 said:
    And all the while the crude prices have been rising or stagnating at elevated levels.

    Whatever happened to the inverse relationship between supply and pricing? Econ 101 . . . .?

    Hope and change propagated by the OPEC and the Russians have been supporting the prices . . . . .

Leave a comment

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