• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 hours Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 2 days Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
  • 4 days And now, hybrid electric locomotives...
Can Ecuador’s Oil Industry Finally Begin To Recover?

Can Ecuador’s Oil Industry Finally Begin To Recover?

Ecuador’s beaten down oil industry…

Larger Than Expected Crude Draw Fuels Oil Price Rally

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.36-million barrels for the week ending May 28.

Analysts had predicted a draw of 2.114 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 439,000 barrels after analysts had predicted a draw of 1.050 million barrels. Since the start of 2020, crude oil inventories have grown by more than 46 million barrels, according to API data.

Oil prices were trading up on Wednesday afternoon, on bullish signals from OPEC that saw the group stick to its output plans for the coming month. The bullish OPEC news, combined with a lack of new developments regarding the Iran/U.S. nuclear deal, saw prices climb by more than 1% by noon. At 12:32 p.m. EST, WTI was trading up $0.89 (+1.31%) at $68.61 prior to the data release—up $2.50 per barrel at that time. Brent crude was trading up $0.87 per barrel (+1.24%) at $71.12 per barrel.

While crude oil inventories fell again this week, U.S. oil production continued at an average of 11 million bpd for the week ending May 21, according to the latest data from the Energy Information Administration.

The API reported a build in gasoline inventories of 2.51 million barrels for the week ending May 28—compared to the previous week's 1.986-million-barrel draw. Analysts had expected a 1.385-million-barrel draw for the week.

Distillate stocks saw an increase in inventories this week of 1.585 million barrels for the week, after last week's 5.137-million-barrel decrease.

Cushing inventories rose this week by 741,000 barrels.

Post data release, at 4:42 p.m. EDT, the WTI benchmark was trading at $6872 while Brent crude was trading at $71.26 per barrel.

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