• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 17 hours Reality catching up with EV forecasts
  • 7 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 6 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
  • 11 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 12 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
Oil Prices Are Under Pressure

Oil Prices Are Under Pressure

A slew of bearish news…

API Surprises Analysts With Unexpected Crude Draw

The American Petroleum Institute (API) reported on Tuesday a surprise draw in crude oil inventories of 1 million barrels for the week ending March 12.


Analysts had predicted an inventory build of 2.964-million barrels for the week.

In the previous week, the API reported a major build in oil inventories of 12.792-million barrels after analysts had predicted a much smaller 816,000-barrel build. The EIA confirmed there was a large build, crushing the souls of oil bulls that had hoped the price rally would continue ever higher.


Oil prices slid further on Tuesday ahead of today’s data.

At 3:39 p.m. ET, before Tuesday's data release, WTI had fallen by $0.68 on the day (-1.04%) to $64.71. Although down for the day, WTI is still trading up more by about $0.70 per barrel over this time last week.  

The Brent crude benchmark had also fallen on the day $0.55 at that time (-0.80%) to $68.33—about $0.80 per barrel up on the week.


U.S. oil production rose by 900,000 bpd million barrels per day to 10.9 million bpd, according to the Energy Information Administration.

The API also reported a draw in gasoline inventories, of 926,000 barrels for the week ending March 12—on top of the previous week's 8.499-million-barrel draw. Analysts had expected a 2.996-million-barrel draw for the week.

Distillate stocks saw an increase in inventories this week, of 904,000 barrels for the week, after last week's 4.796-million-barrel decrease.

Cushing inventory figures were not available at the time of publication. Last week, inventories held in Cushing increased by 295,000 barrels.

Post data release, at 4:46 p.m. EDT, the WTI benchmark was trading at $64.94, while Brent crude was trading at $68.47.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage



Leave a comment

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