• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 4 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 18 hours Renewables provided only about 4% of total global energy needs in 2018
  • 9 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 2 days Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 min Shale Oil will it self destruct?
  • 22 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 4 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 4 hours N.Y. Governor Signs Climate Bill
  • 48 mins U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 days LA Solar Power/Storage Contract
  • 3 days Why Natural Gas is Natural
Cracks In Gasoline Demand Weigh On Oil Markets

Cracks In Gasoline Demand Weigh On Oil Markets

Slowing economic growth has taken…

UAE Looks To Launch New Regional Oil Benchmark

UAE Looks To Launch New Regional Oil Benchmark

The Abu Dhabi National Oil…

Oil Falls After Third Consecutive Crude Build

shale

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

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