• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 2 hours In a Nutshell...
  • 1 day No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 1 day The Coal Industry May Never Recover From The Pandemic
  • 15 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 2 days A Real Reality Check on "Green Hydrogen"
  • 2 days Why Oil could hit $100
  • 20 hours Where is Alberta, Canada headed?
  • 1 day Putin Paid Militants to Kill US Troops
  • 2 days Why Wind is pitiful for most regions on earth
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
Oil Returns To $40 After COVID Correction

Oil Returns To $40 After COVID Correction

Oil prices fell on Thursday…

An Ugly Week For U.S. Shale

An Ugly Week For U.S. Shale

It was a very rough…

Crude Oil Inventory Build Takes Oil Markets By Surprise

The American Petroleum Institute (API) has estimated a surprise crude oil inventory build of 401,000 barrels for the week ending Aug 29, compared to analyst expectations of a 3.50-million barrel draw.

The inventory build this week takes away from last week’s draw in crude oil inventories of 11.1 million barrels, according to API data. The EIA estimated that week that there was an inventory draw of 10.0 million barrels.

After today’s inventory move, the net draw for the year is 18.68 million barrels for the 36-week reporting period so far, using API data.

Oil prices were trading sharply up on Wednesday prior to the data release after favorable economic data from China came in, boosting what has been until now sour spirits regarding the stunted demand growth outlook.

At 2:21pm EDT, WTI was trading up $2.41 (+4.47%) at $56.35, or about $1.50 up from last Tuesday. Brent was trading up $2.46 (+4.22%) at $60.72 $59.01—about $1.70 up from last week’s levels.  

The API this week reported a 877,000-barrel draw in gasoline inventories for week ending Aug 29. Analysts predicted a draw in gasoline inventories of 1.60 million barrels for the week.

Distillate inventories fell by 1.2 million barrels for the week, while inventories at Cushing fell by 238,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending August 23 rose to 12.5 million bpd, a brand new production high.

At 4:42pm EDT, WTI was trading at $56.41, while Brent was trading at $60.82.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00a.m. EDT, a one-day delay due to the Labor Day holiday in the United States.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Ceasers Ubisi on September 04 2019 said:
    is it going to a buy or sell?
  • Binkley North on September 04 2019 said:
    Needs to be an investigation into these reports: they've been yanking us back and forth all summer, mostly complete 180 to what's really going on.

Leave a comment

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