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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

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  • Frank Clemente on September 08 2021 said:
    Embarrassing gasoline mistake
  • George Doolittle on September 08 2021 said:
    Thank God for Canada and British Petroleum but of course we'll have to wait for the official Government data rather than the "we're always surprised" bs from the API.

    Suddenly steam powered freight trains are looking great is quite the oddity. Anyhow I'm sure the US Navy isn't bothered one iota by the soaring price of natural gas.
  • joe gotti on September 08 2021 said:
    Sure that was a gasoline build?

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