• 6 minutes U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 40 mins Can the World Survive without Saudi Oil?
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 8 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 7 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days China Thirsty for Canadian Crude
  • 2 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 2 days China Tariff Threatens U.S. LNG Boom
  • 7 hours Saudi A Threatens to Block UN Climate Report
  • 2 days Cruise ship could get a 100'000$ fine for using illegal bunker fuel
  • 2 days UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 2 days China auto sales sink
  • 6 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Crude Prices Suppressed As API Reports Gasoline Build

Oil storage tanks

As the price of Brent Crude hovers near the $80 mark, the American Petroleum Institute (API) reported a draw of 1.3 million barrels of United States crude oil inventories for the week ending May 18, compared to analyst expectations that this week would see a draw in crude oil inventories of 1.567 million barrels.

Last week, the American Petroleum Institute (API) reported a surprise build of 4.854 million barrels of crude oil.

The API reported a build in gasoline inventories for week ending May 18 in the amount of 980,000 barrels—in contrast to the 1.388-million-barrel draw that analysts had expected.

Oil prices rose Tuesday with Brent crude coming within pennies of the $80 threshold as concerns about tight supply fester in the wake of looming sanctions on Iran and impending doom of Venezuela’s oil industry. The usual round of OPEC statements that it would be willing to turn on the taps to compensate for any shortfall created by Iran or Venezuela has failed to assuage market fears of tight supply.

At 12:49p.m. EDT on Tuesday, WTI Crude was up 0.32 percent at $72.58. Brent crude was trading up 0.86% at $79.90. Both benchmarks are trading up week over week.

US crude oil production for yet another week for week ending May 11—the most recent data available—increased to 10.723 million bpd, according to the EIA.

Distillate inventories saw a draw this week 1.3 million barrels, largely in line analyst forecasts that we would see a decline of 1.335 million barrels.

Inventories at the Cushing, Oklahoma, site fell by 822,000 barrels.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30a.m. EST.

By 4:39pm EST, the WTI benchmark was trading down 0.46% on the day to $72.02 while Brent was trading up 0.21% at $79.39.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Charlie on May 22 2018 said:
    I love how Americans are so short sighted. we track week to week, and have no clue what it really means. try 3 month averaging or 6 month, or compare against last year, or 3 years. come on Americans...get with the program.

Leave a comment

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