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Small Crude Build Sends Oil Lower

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Oil Falls After API Reports Surprise Crude Build

refinery

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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  • Matt Gai on June 11 2019 said:
    Julianne, who is this a surprise to? One only has to look at the bar chart in your article to see that there is a clear upward trend in inventories. Sure, it's a little counterintuitive to be building inventories in early summer, but I'd hardly call it a surprise.
  • Jessie Phillips on June 11 2019 said:
    Lower gas prices are not a bad thing, gas prices are still higher from oil was this price in January
  • John Schmitt on June 11 2019 said:
    Looks like the API and the EIA are reporting fake numbers on oil and gasoline inventories almost every week lately as there's no way these inventories should be going up week after week this time of year with OPEC and other production cuts. These fake numbers are obviously designed to rig oil prices lower.
  • Tripp Mills on June 11 2019 said:
    Company officers (Chief Risk officer, A General Counsel, President of Private Client services (you all cant respond either for months?) - I mean really - remember the clients who don't like that S and i'd answer next time I send you a note on linkedin.
  • Tripp Mills on June 11 2019 said:
    Whoever is not cutting and playing ball with Saudi OPEC will need to explain that to their shareholders (lose your board seats, executives get fired, people in congress who are not supporting the industry (clean, green, etc.) can lose seats - i'm just saying (and its hot in the summer to be walking and no air conditioning, etc.
  • Armondo DeCarlo on June 11 2019 said:
    Not a surprise build, look at the trend. OPEC would have to cut 1 M bpd to match demand.

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