• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 mins How Far Have We Really Gotten With Alternative Energy
  • 11 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 24 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Bullish Oil & Gas Producers Remain Under-hedged

Bullish Oil & Gas Producers Remain Under-hedged

Standard Chartered sees oil and…

OPEC Remains Upbeat About Oil Demand

OPEC Remains Upbeat About Oil Demand

OPEC remains optimistic that the…

Oil Jumps After API Reports Largest Crude Draw This Year

The American Petroleum Institute (API) estimated on Tuesday a major draw in crude oil inventories of 8.156 million barrels for the week ending June 26.

Analysts had predicted an inventory draw of 710,000 barrels.

In the previous week, the API reported an increase in crude oil inventories of 1.749 million barrels, after analysts had predicted a smaller build.

WTI was trading down on Tuesday afternoon prior to the API’s data release as minor ripples are felt due to reports of an increasing number of coronavirus cases in the world’s largest oil consumer, the United States.

On the supply side, oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11 million bpd for June 19, according to the Energy Information Administration, after picking up steam from the 10.5 million bpd rate from week ending June 12--the lowest production level in years.

At 4:13 pm EDT on Tuesday the WTI benchmark was trading down on the day by $0.33 (-0.83%) at $39.37. The price of a Brent barrel was trading down on Tuesday as well, by $0.56 (-1.34%), at $41.15—both benchmarks are trading down on the week.

The API also reported a draw of 2.459 million barrels of gasoline for week ending June 26—compared to last week’s 3.856-barrel draw. This week’s modest draw compares to analyst expectations for a 1.583-million-barrel draw for the week.

Distillate inventories were up by 2.638-million barrels for the week, compared to last week’s 2.605-million-barrel draw, while Cushing inventories saw a build of 164,000 barrels.

ADVERTISEMENT

At 4:36 pm EDT, WTI was trading at $39.33 while Brent was trading at $41.15.

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