• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 18 mins Would bashing China solve all the problems of the United States
  • 29 mins Model 3 cheaper to buy than BMW 3 series.
  • 5 hours China to Impose Dictatorship on Hong Kong
  • 22 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 1 hour Incompetent "Journalists"
  • 19 mins Can I Sue This Site for If People Post Inaccurate Information?
  • 36 mins Pompeo's Hong Kong
  • 6 hours Thugs in Trumpistan
  • 20 hours Iran's first oil tanker has arrived near Venezuela
  • 21 hours Let’s Try This....
  • 23 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 12 hours 60 mph electric mopeds
  • 1 day HVDC Cheaper Than Low-carbon Natural Gas
  • 1 day Oil and Gas After COVID-19

API Reports Smaller Crude Oil Build Than Expected

The American Petroleum Institute (API) reported a crude oil inventory build of 2.098 million barrels for the week ending Jan 25, compared to analyst expectations that we would see a much larger buildup in crude oil inventories to the tune of 7.97 million barrels.

Last week, the API reported a surprise crude build of 6.55 million barrels. A day later, the EIA confirmed the inventory build, but a larger one at 8 million barrels. 

Oil prices were trading up prior to the data released, buoyed in part by unrest in Venezuela and the additional sanctions that may disrupt heavy oil flows to the United States, combined with Saudi Arabia’s pledge to cut its oil production more deeply, even as more and more barrels are removed from the market courtesy of Venezuela and Libya.

At 4:03pm EST on Tuesday, WTI was trading up on the day $1.22 (+2.35%) per barrel at $53.20—a rise of less than $1 per barrel week on week. Brent crude was trading up $1.27 (+2.12%) at $61.08—near flat week on week.  

The API this week reported a build in gasoline inventories for week ending January 25 in the amount of 2.2 million barrels. Analysts had predicted a build of 4.050 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending January 18—the latest information available—stayed at 11.9 million bpd.

Distillate inventories also increased this week by 211,000 barrels, compared to an expected draw of 617,000 barrels.

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

By 5:10pm EST, WTI was trading up at $53.24 and Brent was trading up at $61.11.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mark Stable on January 29 2019 said:
    Could it be there is already such a prior build up and glut, with storage already at capacity, room for further build up is no longer there?

    This article hints at supply shortages. Nothing could be further from the truth. Demand shortage is the problem.

Leave a comment

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