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The American Petroleum Institute (API) on Tuesday reported another week of crude oil inventory builds. This time, the build is extra large, at 5.213 million barrels for the week ending October 8, as U.S. crude inventories sit 66 million barrels below beginning of the year levels.
Analyst expectations for the week were for a build of 140,000 barrels for the week.
In the previous week, the API reported a surprise build in oil inventories of 951,000 barrels, compared to the 300,000 barrel draw that analysts had predicted.
Oil prices were relatively flat on Wednesday in the runup to the data release, but WTI is still north of $80 per barrel, while Brent crude trades at more than $83. Both WTI and Brent were down .10% and .17%, respectively, at 3:30 p.m. EST.
At 3:35 p.m. EST, WTI was trading at $80.55—a more than $1 gain on the week. Brent crude was trading at $83.28.
Oil inventories in the United States have drawn down nearly 66 million barrels so far this year, according to API data. And they've drawn down roughly 9 million barrels since the start of 2020.
U.S. oil production for the week ending October 1—the last week for which there is data—rose 200,000 bpd to 11.3 million bpd and is now just 200,000 below pre-Hurricane Ida levels.
The API reported a draw in gasoline inventories of 4.575 million barrels for the week ending October 8—compared to the previous week's 3.682-million-barrel build.
Distillate stocks saw a decrease in inventories of 2.707 barrels for the week, compared to last week's 345,000-barrel increase.
Cushing inventories saw a draw this week, falling by 2.275 million, after last week's 1.999-million-barrel increase.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Anyhow I don't see how *the normative crude build* for October, November and December is in any way "surprising." Anyhow brutal time to be a long player in the nitrogen fertilizer market. Plus propane is the truly "in demand product" globally not oil going on forever now...HARDLY AN INEXPENSIVE PRODUCT EVEN IN BAD YEARS!.
Anyhow all signs seem to point to a continued material increase in every type of energy product in the USA given current prices and massive debt levels to be paid off. RDS and BP still chugging along well in the massive GOM. New Mexico doing spectacularly well at the moment.
No grid collapse in the USA unlike all that's going on in China and Western Europe plus Russia at the moment.
Great Britain getting back into coal is dispositive I think (of a crisis.)
Huge up day for Plug Power and Ballard so good luck competing in that market as *IT'S INDOORS.*
Nikola apparently really does have a bunch of Class 8 semis to start validating.
Lucid has blasted through the 500 mile range for a pure BEV.
Tesla never sits still.
"All electric Truck Wars imminent."
Why can't Blue Origin launch and land their BE-3 from Texas to Australia then fuel up for the return flight back?
*TIME IS MONEY.*
Be pretty nice to arrive from Texas in Australia in under 20 minutes!
Ironically enough it might be SpaceX that builds a truly state of the art and functional Space Station as well.
Zero competition for that name.
HondaJet has just shown a mockup of a true midsized jet as well with Transcontinental Range.