• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 days Oil Prices Fall After Fed Raises Rates
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 11 days The Federal Reserve and Money...Aspects which are not widely known

Breaking News:

Gasoline Draw Sends Oil Prices Higher

Putin Is Not Peter The Great

Putin Is Not Peter The Great

As unrest within Russia intensifies…

Large Crude Build Weighs On Oil Rally

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

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