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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.
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.
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
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.