• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 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
  • 6 days Energy Armageddon
  • 2 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days Сryptocurrency predictions
  • 3 days Goldman Betting on Cryptocurrencies
  • 11 days Putin and Xi Bet on the Global South
Bearish Sentiment Is Building In Oil Markets Once Again

Bearish Sentiment Is Building In Oil Markets Once Again

Bearish sentiment is building in…

Solar Stocks Are On The Move Again

Solar Stocks Are On The Move Again

Solar stocks are once again…

Ahead Of OPEC’s Meeting, API Inventory Report Shows Major Crude Build At Cushing

On the eve of the biggest OPEC decision in recent history, the American Petroleum Institute (API) has released crude inventory data showing the biggest build in Cushing since March 2015, along with a small overall draw in U.S. crude oil inventories.

The API has reported a draw in crude U.S. crude oil inventories of 717,000 barrels, while expectations were that we would see an increase of 577,000 barrels.

However, no one expected such a big build in Cushing, which API says was up 2.3 million barrels, making it the biggest build the second quarter of last year. Analysts were expecting a build of only 26,000 barrels.

While overall crude inventories saw a drawdown, gasoline stocks saw their biggest build since January, up 3.36 million barrels, against expectations of a build half that size.

Distillates were also up, according to the API, which reported a 2.24 million build, against expectations of a 1.45 million build. This is also distillates’ biggest build in over two months.

The market is not reacting with any drama to the API inventory report, which usually creates some volatility and a great deal of speculation, but the pending OPEC decision is overshadowing inventory fundamentals. Even tomorrow’s official data from the Energy Information Administration (EIA) is not expected to elicit a major market response.

Last week, official EIA data reported a 1.3-million barrel draw in crude oil stockpiles, along with a 2.3-million barrel build in gasoline inventories. Last week API data estimated a build of 2.68 million barrels in gasoline inventories.

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