• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 6 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 10 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 14 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days An Indian Opinion on What is Going on in China
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 20 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
U.S. Oil And Gas Dealmaking Slows Down In Q3

U.S. Oil And Gas Dealmaking Slows Down In Q3

Mergers and acquisitions in the…

Russia's Energy Influence In Europe Is Growing

Russia's Energy Influence In Europe Is Growing

Russia’s energy influence in Europe…

Oil Falls After Third Consecutive Crude Build

The American Petroleum Institute (API) reported a build in crude oil inventory of 2.81 million barrels for the week ending May 3, coming in over analyst expectations of a 744,000-barrel buildup in inventories.

Last week, the API reported a surprise buildup in crude oil of 6.81 million barrels. A day later, the EIA reported an even larger build of 9.9-million-barrels

Including this week’s data, the net build is now 20.92 million barrels for the 19-week reporting period so far this year, using API data.

(Click to enlarge)

Oil prices fell sharply on Tuesday as the China-US trade war continues, sparking fears that global growth will be disappointing, despite a tightening of oil supplies in Venezuela and Iran in the wake of US sanctions.

WTI was trading down on Tuesday before the data release at $60.74, down $1.51 (-2.43%) on the day at 12:42pm, but down week on week by more than $3 per barrel. The Brent benchmark was also trading down on the day at $69.47, down $1.77 (-2.48%) at that time. The Brent benchmark was also significantly down week on week.

The API this week reported a draw in gasoline inventories for week ending May 3 in the amount of 2.833 million barrels. Analysts estimated a draw in gasoline inventories of 917,000 barrels for the week.

Distillates fell by 834,000 barrels for the week, while inventories at Cushing gained 618,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending April 26—the latest information available—hit yet another all-time high of 12.3 million bpd.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.

By 4:41pm EST, WTI was trading down at $60.74 and Brent was trading down at $69.47.

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