• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 3 hours China's Blueprint For Global Power
  • 3 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 9 hours Boring! See Ya Clowns, And Have Fun In Germany
  • 1 hour ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 3 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 8 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
  • 14 hours Crazy Stories From Round The World
  • 12 hours the future
  • 9 hours 5 Tweets That Change The World?
  • 8 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 9 hours Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
  • 13 hours Climate Protesters Blocking Roads etc...
Don’t Believe The Oil Bulls

Don’t Believe The Oil Bulls

It may seem that geopolitical…

What’s Really Driving Oil Prices?

What’s Really Driving Oil Prices?

With all of the daily…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Oil Bounces Back As API Reports A Surprise Crude Draw

Cushing

The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small 3-million-barrel build, instilling hopes in the minds of weary oil traders that OPEC’s production cuts are not being entirely undone by U.S. shale drillers.

The chart below shows that the API is still showing an overall build over the previous 11 weeks of 34.6 million barrels.

(Click to enlarge)

Hours before the API data release, WTI and Brent benchmarks were both down, but within minutes of the data posting, began a significant rally of 50 cents per barrel—perhaps a bit overzealous given the modest draw in light of significant builds in weeks prior. At 4:49pm EST, WTI was trading down only .02 percent at $48.39 per barrel, with Brent actually trading up 0.43 percent at $51.57 per barrel.

Tempering today’s enthusiasm is the 2.06-million-barrel build in inventories at the Cushing, Oklahoma facility, adding to last week’s 788,000-barrel draw.

Gasoline inventories were down by 3.875 million barrels, adding to last week’s optimism for the fuel after the largest draw since April 2014. A half hour after the data was released, gasoline was trading up 1.25 percent at $1.6005, but still less than post-API reporting last week, when it was trading at $1.6855.

Distillates stocks also saw a draw of 4.07 million barrels, compounding last week’s draw of 2.9 million barrels.

Earlier on Tuesday, markets trembled when OPEC’s Monthly Oil Market Report showed that according to self-reported figures, Saudi Arabia had eased up on the production cuts and produced 10.011 million barrels per day in February—263,300 barrels per day over January levels—a figure that suggests that Saudi Arabia may be unwilling to shoulder the bulk of the production cuts without the corresponding reward of higher prices.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • JohnSmart on March 14 2017 said:
    With the blizzard hitting eastern US, I suspect gasoline inventories will record a build due to drivers and workers staying home for a day or two.
  • Joe on March 14 2017 said:
    It's all b-s the refineries are still doing maintenance that's why the inventory is down

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play