• 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
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 16 days Natural gas price to spike when USA is out of the market
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
U.S. Gasoline Prices Continue To Climb

U.S. Gasoline Prices Continue To Climb

Gasoline prices continue to climb…

Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russia’s crude oil exports plunged…

API Surprises Oil Markets, Reports Draws Across The Board

The American Petroleum Institute (API) has reported what very well may be the fifth week in a row of a draw in U.S. oil inventories of 752,000 barrels, in dramatic contradiction to an expected build of around 3 million barrels.

For the past three weeks, major draws on crude oil inventories have helped to offset increased volumes that have added to the global supply glut from a resumption in Libyan exports and more Nigerian crude flowing, in addition to record production from Russia.

If the Energy Information Administration’s (EIA) official figures due out tomorrow at 10:30am EST do not contradict the API report, we will be looking at the biggest drawdown in US crude supplies for a four-week period in three years.

ADVERTISEMENT

Not only were U.S. crude oil inventories down 752,000 barrels, but distillates saw their first inventory draw in seven weeks, with a drop in inv¬entory of 343,000 barrels. Gasoline also saw a healthy 3.7-million-barrel draw.

Inventories at Cushing were down 832,000 barrels.

ADVERTISEMENT

Last week, U.S. crude inventories fell by 6.2 million barrels to 504.6 million barrels, according to official EIA figures. The day before, the API had estimated that inventories had dropped by an unexpected 7.5 million barrels.

Similar to this week, analysts last week had also predicted a build of 2.3-2.8 million barrels, rather than a draw, bringing increased attention to the usefulness of speculating on analysts’ expectations in this volatile market.

At the time of writing, West Texas Intermediate (WTI) as up 0.6% at US$44.94, while Brent crude was down 2.91%, at US$45.97.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • Darren on September 27 2016 said:
    Omg another HUGE draw. Market is rebalancing!! oil inventories are less than a trillion now. Just half a trillion left. Market is rebalancing. Rejoice! Oil is going up to $100!!!
  • Taimein on September 27 2016 said:
    While OPEC is here THE HEAD LINES READ 123abc ,but no!!!!!!!!! whats expected no ones knows,lookslike the demand is out running the supply ,A great reason for opec to cut back and all the added rigs must be pumping mud

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