Oil Holds Firm On Small Crude Inventory Draw

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.882 million barrels for the week ending September 3, bringing the total 2021 crude draw so far to more than 65 million barrels, using API data.

It was shy of the analyst expectations who had estimated a loss of 3.832 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 4.045 million barrels-a loss much larger than the 2.833 million barrel draw that analysts had predicted.

Oil prices rose on Wednesday leading up to the data release on the most closely watched inventory figures in the world.

WTI rose 1.49% on Wednesday afternoon leading up to the data release.

At 3:36 p.m. EST, WTI was trading at $69.37-a $.50 gain on the week. Brent crude was trading up 1.38% for the day at $72.68.

While U.S. crude oil stocks continue their decline, U.S. oil production rose 100,000 bpd to 11.5 million bpd.

The API reported a large draw in gasoline inventories of 6.414 million barrels for the week ending September 3-compared to the previous week's 2.711-barrel build.

Distillate stocks saw a decrease in inventories this week of 3.748 million barrels for the week, compared to last week's 1.961-million-barrel decrease.

Cushing inventories rose this week by 1.794 million barrels, after last week's 2.128-million-barrel increase.

Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

• 3 Bullish Catalysts For Oil This Fall
  
• The U.S. Power Grid Is At Risk Of Catastrophic Failure
  
• U.S. Oil Rigs See Sharpest One-Week Decline In Over A Year