• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 13 mins WTI @ $75.75, headed for $64 - 67
  • 37 mins Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 2 hours Trump vs. MbS
  • 5 hours The Dirt on Clean Electric Cars
  • 11 hours Uber IPO Proposals Value Company at $120 Billion
  • 2 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 18 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 31 mins EU to Splash Billions on Battery Factories
  • 15 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 6 hours Coal remains a major source of power in Europe.
  • 2 hours Poland signs 20-year deal on U.S. LNG supplies
  • 12 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 14 hours Nopec Sherman act legislation
What’s Behind The Drop In Asian LNG Prices?

What’s Behind The Drop In Asian LNG Prices?

Asian LNG prices tanked on…

API Reports Yet Another Crude Inventory Draw

Oil

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw down by 2.7 million barrels for the week ending November 3—continuing the drawdown that the market has seen in recent weeks.

Gasoline inventories, according to the API, saw a small build of 520,000 barrels for the week ending November 3, against an expectation of a draw of 2.25 million barrels.  

Both WTI and Brent benchmarks were down earlier on Tuesday, but still near two-year highs as the market shows increasing faith that OPEC will be able to rebalance the oil market by extending the current production cut deal until the end of 2018. Disruptions in Iraq and Libya, as well as surprise arrests in Saudi Arabia—including of an Aramco board member—also lent a helping hand to support prices.

Crude oil inventories have drawn down a total of 36.8 million barrels since the start of 2017, according to API data.

The WTI benchmark was down .23 percent on the day to $57.22 at 1:28pm EST—almost $2.00 per barrel over last week’s levels. Brent was trading down 0.75 percent on the day at $63.79

Gasoline was trading down 0.23 percent at $1.813—almost 10 cents above last week.

Distillate inventories saw a decline this week, down 3.133 million barrels. Analysts had expected a drop of 1.85 million barrels.

Related: Can Oil Prices Hit $65 This Week?

Inventories at the Cushing, Oklahoma, site increased by 812,000 barrels this week.

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

WTI was trading relatively unchanged after the data release at $57.22 at 4:36pm EST, with Brent crude trading at $63.73. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment
  • Frank Seafort on November 08 2017 said:
    If the price of oil keeps going up it could tank the economy. Something needs to be done. I burn about 50 gallons of diesel a day and use close to 80 lbs of nat gas a day running my food truck. The price increase is cutting into my profits. I may have to sell my off one of my air bnb properties.
  • Frank the Tank on November 07 2017 said:
    This glut is going nowhere.

Leave a comment

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