• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 17 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 8 mins "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 23 mins Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions
Nigeria’s Oil Industry Can Flourish Despite Oil Theft

Nigeria’s Oil Industry Can Flourish Despite Oil Theft

While Nigeria’s oil industry is…

Volkswagen Sales In China Stall In 2022

Volkswagen Sales In China Stall In 2022

Volkswagen announced this week that…

API Sees Crude, Product Inventory Builds

The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels.

The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in the week ending September 16, leaving the SPR with 427.2 million barrels.

In the week prior, the API reported a build in crude oil inventories of 6.035 million barrels after analysts had predicted a draw of 200,000 barrels.

WTI fell on Tuesday prior to the data release. At 3:16 p.m. ET, WTI was trading down $1.54 (-1.80%) on the day at $84.19 per barrel—a roughly $2 per barrel decrease on the week. Brent crude was trading down $1.40 (-1.52%) on the day at $90.60—a $2 decrease on the week.

U.S. crude oil production data for the week ending September 9 stayed the same for the third week in a row at 12.1 million bpd, according to the latest weekly EIA data.  

The API reported a build in gasoline inventories this week of 3.225 million barrels for the week ending September 16, compared to the previous week's 3.23 million-barrel draw. 

Distillate stocks saw a build of 1.538 million barrels for the week, on top of last week's 1.75-million-barrel increase. 

Cushing inventories were up by 510,000 barrels this week. Last week, the API saw a Cushing increase of 101,000 barrels. Official EIA Cushing inventory for the week ending September 9 was 24.648 million barrels, down from 24.783 million barrels in the prior week.

Oil prices were flat after the release, with WTI trading at $4.19 (-1.80%) and Brent trading at $90.93 (-1.16%).

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • John Hohenberger on September 20 2022 said:
    Why bother reporting API inventory data. It is always proved incorrect the next day when the official EIA data is released. Additionally, both reporting agencies should highlight total hydrocarbon inventories including the continual drawdown on our Strategic Petroleum Reserve. That way those influencing the market know the true physical position of the inventories.

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