• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 3 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 4 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 21 hours Apology Accepted!
  • 2 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 2 hours Why Oil could hit $100
  • 3 hours Putin Paid Militants to Kill US Troops
  • 9 hours The Political Genius of Donald Trump
  • 24 hours U.S. natural gas at major disadvantage in Europe and China.
  • 1 day Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 mins Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 1 day CoVid in Spain, 9 months before China
  • 1 day The world is headed for big problems - interview with very smart economist
Gulf Oil Producer Oman Is Quickly Running Out Of Options

Gulf Oil Producer Oman Is Quickly Running Out Of Options

Oman’s high breakeven price per…

Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

Large Crude Inventory Build Sends Prices Tumbling

The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.

Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build of 3.5-million barrels for that week.

Oil prices were down in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to take in response to the effects of the coronavirus that have disrupted travel within China and consequently, oil demand.

At 3:39 pm EST on Tuesday the WTI benchmark was trading down $0.23 (-0.46%) at $49.88—more than $3 down compared to last week’s levels. The price of a Brent barrel was also trading down on Tuesday, by $0.22 (-0.40%), at $54.23—off more than $4 per barrel compared to last week’s prices. Overall, the benchmarks have slid more than $10 since the beginning of the year.

The API this week also reported a build of 1.96 million barrels of gasoline for week ending January 31, after last week’s large 3.27-million-barrel build. This week’s large gasoline build compares to analyst expectations of a 2.057-million barrel-build for the week.

Distillate inventories were down by 1.78 million barrels for the week, compared to last week’s 141,000 draw, while Cushing inventories rose by 960,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending January 24 stayed at 13.0 million bpd for a third week in a row, a record high for the United States.

At 4:39 pm EDT, both benchmarks had fallen further, with WTI trading at $49.63, and Brent trading at $54.00.

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