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API Reports Yet Another Big Oil Inventory Build

rig

The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build.

Last week saw a large build crude oil inventories of 10.45 million barrels, according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge—9.3-million-barrel build for that week.

After today’s inventory move, the net draw for the year is now dwindling at 10.82 million barrels for the 43-week reporting period so far, using API data.

API

Oil prices were trading up on Tuesday prior to the data release on rumors that OPEC will consider making deeper cuts in December to combat what almost everyone predicts will be weak demand growth next year.

At 3:56pm EDT, WTI was trading up $0.79 (+1.48%) at $54.30 per barrel—up $1 week over week. Brent was trading up $0.60 (+1.02%) at $59.56, up roughly $0.20 per barrel week on week.  

The API this week reported a draw of 702,000 barrels of gasoline for week ending October 17. Analysts predicted a draw in gasoline inventories of 2.267 million barrels for the week.

Related: There’s Tremendous Room For Growth In Offshore Oil & Gas

Distillate inventories fell by 3.491 million barrels for the week, while inventories at Cushing rose by 1.988 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 11 stayed at 12.6 million bpd for the second week in a row—the highest production level that the United States has seen, and a growing worry in combination with the grim demand growth outlook for 2020.

At 4:40pm EDT, WTI was trading at $54.26, while Brent was trading at $59.56.

By Julianne Geiger for Oilprice.com

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  • Gumby Koontz on October 22 2019 said:
    The word is long out that our future charging stations will be mostly powered with industrial generators that will still use either clean diesel or gasoline or even natural gas whatever. the long held fantasy that solar and wind power will be solely used to charge many more millions of electric vehicles expected by us in the near future is well just another fantasy of our own makings ..While it is true that utilities no longer use oil to power massive generators the size of yachts with pistons the diameter of trashcans, smaller yet massive industrial generators , long main stay for commercial businesses , placed in the back of the buiildings are starting to show , well kind of sneaked into next doors of unwitted neighbors , with full help by utilties through so called DER programs that are often billed as for solar and wind only but not factually true at all. I encourage readers to google under "industrial generators" to help yourselves better acquainted with the looks of those by clicking under image tab instead of news, shopping,map, etc. you know what I mean? Go ahead do that ! Industrial generators will grow with electric vehicles so will the shale rock oil as well. I may be making some up because they are there yet because we still do not have that many enough electric vehicles around to make it a reality as of yet .. It will happen, of course unless we are far more aggressive with clean energy growth however it will be done, I have no idea! it is just a very realistic prediction of things to come if we stay the course as we know it of now.. This is where I am pointing you all to..
    They may change, of course..

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