• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 8 mins Evergrande is going Belly Up.
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 6 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days Ten Years of Plunging Solar Prices
  • 2 days Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?

Disappointing Crude Draw Threatens Shaky Oil Rally

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.622 million barrels for the week ending August 20, bringing the total 2021 crude draw so far to more than 58 million barrels, using API data.

Analysts had expected a loss of 2.367 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 1.13 million barrels—a loss smaller than the 1.259 million barrel draw that analysts had predicted.

Oil prices began to rise on Monday and continued on Tuesday, staunching the bleeding from the previous seven-day streak of losses as concerns about demand began to deescalate.

WTI gained more than 3% on Tuesday afternoon leading up to the data release.

At 3:20 p.m. EST, WTI was trading at $67.75 a more than $1 gain on the week. Brent crude was trading up 3.58% for the day at $71.21.

While U.S. crude oil stocks continue their decline, U.S. oil production rose for the second week in a row to  11.4 million bpd—an increase of 100,000 bpd for the week.

The API reported a draw in gasoline inventories of 985,000 barrels for the week ending August 20—compared to the previous week's 1.1979-million-barrel draw.

Distillate stocks saw a decrease in inventories this week of 245,000 barrels for the week, compared to last week's 502,000-barrel increase.

Cushing inventories fell this week by 485,000 barrels, after last week's 1.735-million-barrel decrease.

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