• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 12 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 1 hour CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 21 hours NordStream2
  • 57 mins OPEC+ Expects Large Oil Glut In Early 2022
  • 3 hours Ukrainian Maidan after 8 years
  • 21 mins Forecasts for Natural Gas
  • 3 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 21 hours Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies

Huge Gasoline, Distillate Draws Outweigh Crude Oil Build

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 7.356 million barrels for the week ending February 26.

Analysts had predicted an inventory draw of 928,000 barrels for the week.

In the previous week, the API reported a build in oil inventories of 1.026-million barrels after analysts had predicted a draw of 5.190-million barrels.

Oil prices slumped on Tuesday ahead of the data release as the oil markets fear that OPEC+ may loosen its supply restrictions at a time when China’s thirst for oil imports appaears to be waning.

At 3:33 p.m. EDT, before Tuesday's data release, WTI had fallen by $0.96 on the day (-1.58%) to $59.68—more than $2 per barrel down over this time last weke.  

The Brent crude benchmark had fallen on the day $1.02 at that time (-1.60%) to $62.67—down nearly $3 per barrel on the week.

While crude inventories are up this week, U.S. oil production fell 1.1 million barrels per day to 9.7 million bpd, according to the Energy Information Administration.

The API reported a massive draw in gasoline inventories of 9.933 million barrels for the week ending February 26—after the previous week's 66,000-barrel build. Analysts had expected a 2.300-million-barrel draw for the week.

Plains All American tanks at Cushing as of February 26

Distillate stocks saw a large decrease as well, of 9.053 million barrels for the week, after last week's 4.489-million-barrel decrease.

Cushing inventories rose by 732,000 barrels. Last week, inventories held in Cushing increased by 2.783 million barrels.

Post data release, at 4:39 p.m. EDT, the WTI benchmark was trading at $59.68, while Brent crude was trading at $62.67.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on March 02 2021 said:
    Solid sales numbers posted on goodcarbadcar.com says to me prices have moved higher for a reason (strong recovery/"scam-demic" actually a growth indicator as it took out the entire flu season this Year.) The USA is so far removed from the importance of oil prices as a problem for its economy it's ironic to follow oil price.com as an indicator of "high oil prices as good for the USA" which indeed is now true.

    Long Exxon Mobil ticker symbol XOM.
    Strong buy

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