• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 7 mins Shale Oil will it self destruct?
  • 11 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 7 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 2 mins South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 24 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 22 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 9 hours Germany exits coal: A model for Asia?
  • 3 hours Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 3 hours Migration From Eastern Europe Raises German Population To Record High
  • 4 hours Starlink Internet Courtesy of Tesla
  • 4 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 days Oil Price Could Fall To $30 If Global Deal Not Extended
  • 2 days Rising air pollution and green house effect
EV Makers Have A New Favorite Metal

EV Makers Have A New Favorite Metal

Chinese manufacturers are increasingly pushing…

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
Download on the App Store Get it on Google Play