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The American Petroleum Institute (API) reported another large, surprise build in crude oil inventories of 4.852 million barrels for the week ending June 6, coming in over analyst expectations of a 481,000-barrel drawdown in inventories. Cushing inventories also saw a sizable gain, and gasoline inventories grew as well.
Last week, the API reported a surprise build of 3.545 million barrels. A day later, the EIA estimated that US inventories had built by even more, by 6.8 million barrels.
The net build now a hefty 35.05 million barrels for the 24-week reporting period so far this year, using API data.
Oil prices rose slightly earlier on Tuesday as the oil market waits to see what the inventory situation in the United States looks like, and what the result will be of the upcoming OPEC.
At 4:22pm EST, WTI was trading up slightly by $0.12 (+0.23%) at $53.38—pennies over last week’s levels. Brent was trading up $0.06 (+0.10%) to $62.35—about $0.60 more than last week’s figures.
The API this week reported a build in gasoline inventories for week ending June 4 in the amount 829,000 barrels. Analysts estimated a build in gasoline inventories of 743,000 barrels for the week.
Distillate inventories fell by 3.461 million barrels for the week, while inventories at Cushing rose by 2.365 million barrels.
US crude oil production as estimated by the Energy Information Administration showed that production for the week ending May 31 rose to 12.4 million bpd, a brand new all-time high for the United States.
The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.
By 4:40pm EST, WTI was trading up at $53.39 and Brent was trading up at $62.38
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.