• 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
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 20 hours Bad news for e-cars keeps coming
  • 3 days China deletes leaked stats showing plunging birth rate for 2023
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Is Big Solar Beating Big Oil in 2024?

Is Big Solar Beating Big Oil in 2024?

Bloomberg has revealed that the seven largest…

The World’s 8 Biggest Mining Countries

The World’s 8 Biggest Mining Countries

The global landscape of material…

API Reports Small Crude Draw As Oil Prices Close Lower

The American Petroleum Institute (API) has reported a 2.418-million-barrel draw on U.S. crude inventories, compared with the previous week’s 6-million-barrel draw, as oil prices slip on China growth concerns.  

Analysts tracked by Investing.com were expecting the Energy Information Administration (EIA) to report an inventory draw of nearly 2.3 million barrels on Wednesday. 

Oil prices were slipping slightly on Tuesday ahead of API data, with Brent trading down 0.46% at $84.07 at 3:35 p.m. ET, while WTI was trading down 0.58%, at $80.25 per barrel. 

Brent closed the day settling down 43 cents, with WTI’s October contract settling down 48 cents. 

Bearish sentiment has risen this week partly on U.S. inventory expectations, but also on U.S. refinery maintenance, which slows refinery demand, and a slowdown in Chinese imports. 

Chinese economic data has continued to weigh on oil prices, with Beijing’s rate cut earlier this week failing to ease demand jitters. Additionally, JP Morgan is expecting slowing demand for “mobility fuels” in China. Major banks continue to slash China growth forecasts. 

"Saudi and Russian output cuts have been largely negated by weakening crude demand from China that appeared to develop last month and is apt to continue through the rest of the summer," Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois, was quoted as saying by Reuters. 

Last week, the EIA reported an inventory draw of 6 million barrels for the week to August 11, compared to the previous week’s 5.9-million-barrel build, despite the fact that refiners had boosted run rates and exports were soaring, with U.S. oil output at its highest level since COVID. 


In other words, the 6-million-barrel draw countered the similar-volume build, lending some bullishness and making this week’s inventory data more poignant. 

By Julianne Geiger for Oilprice.com

Join the discussion | Back to homepage

Leave a comment
  • Fred Gosling on August 22 2023 said:
    The draw of 2.4MB is not much info without knowing the changes in gasoline and distillate inventories. F.G. 8/22/23

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