• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 12 hours California's Oil Industry Collapses Despite Shale Boom
  • 3 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 5 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 2 mins Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 44 mins Greenpeace Blocks BP HQ
  • 16 hours UK Needs New Wind Turbines
  • 15 hours Will Canada drop Liberals, vote in Conservatives?
  • 8 hours Shale to be profitable in 2019!!!
  • 7 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 17 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 18 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 18 hours Australian Voters Reject 'Climate Change' Politicians
  • 11 hours Get First Access To The Oilprice App!
  • 17 hours methanol fuel cells
  • 18 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
No, The Oil Glut Hasn’t Disappeared

No, The Oil Glut Hasn’t Disappeared

Weaker than expected oil demand…

California Threatens Gasoline Car Ban

California Threatens Gasoline Car Ban

California might ban gasoline-powered cars…

Large Crude Build Weighs On Oil Rally

Oil storage

The American Petroleum Institute (API) reported a large surprise build in crude oil inventory of 8.6 million barrels for the week ending May 10, coming in significantly over analyst expectations of a 2.125-million-barrel drawdown in inventories.

Last week, the API reported a build in crude oil inventories of 2.81 million barrels. A day later, the EIA contradicted the API’s report, instead estimating a draw of 4-million-barrels.  

Including this week’s data, the net build is now 29.52 million barrels for the 20-week reporting period so far this year, using API data.

Oil prices rose sharply on Tuesday on multiple reports of turmoil in the Middle East, including attacks on four oil tankers off the Strait of Hormuz, and a drone attack of a Saudi pipeline—although this was tempered somewhat by the escalating China-US trade war.

WTI was trading up on Tuesday before the data release at $61.95, up $0.91 (+1.49%) on the day at 1:02pm, and up week on week. The Brent benchmark was also trading up on the day at $71.48, up $1.25 (+1.78%) at that time. The Brent benchmark was trading up roughly $2 week on week.

The API this week reported a build in gasoline inventories for week ending May 10 in the amount of 567,000 barrels. Analysts estimated a draw in gasoline inventories of 274,000 barrels for the week.

Distillates rose by 2.2 million barrels for the week, while inventories at Cushing rose by 2.1 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending May 3—the latest information available—fell to 12.2 million bpd from the all-time high of 12.3 million bpd the week prior.

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

By 4:42pm EST, WTI was trading up at $61.67 and Brent was trading up at $71.19.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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