• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 9 hours Wind droughts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days How Far Have We Really Gotten With Alternative Energy
  • 20 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Oil Prices Fall After Fed Raises Rates
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 20 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days The Federal Reserve and Money...Aspects which are not widely known
Macro Data Dominates Oil Markets

Macro Data Dominates Oil Markets

Crude prices have been weighed…

Oil Price Rally Stalls On Large Crude Build

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 3.8 million barrels for the week ending November 20.

Analysts had predicted an inventory build of just 127,000 barrels, and for the short price run due to favorable covid-10 vaccine news over the last week or so, it likely means curtains. 

In the previous week, the API reported a build in oil inventories of 4.174-million barrels, after analysts had predicted a build of 1.95 million barrels for the week.

Oil prices were trading up on Tuesday afternoon before the API's data release on another round of positive vaccine news. While the threat of lower oil demand still looms large over the markets in general, back-to-back announcements by pharmaceutical companies—including Moderna and AstraZeneca, which are part of U.S. President Trump's Operation Warp Speed. The results show a high degree of efficacy for multiple vaccine candidates. 

In the run-up to Tuesday's data release, at 2:45 p.m. EDT, WTI had risen by $1.82 (+4.23%) to $44.88, up roughly $4 per barrel on the week. The Brent crude benchmark had risen on the day by $1.74 at that time (+3.78%) to $47.80—up about $4.50 per barrel on the week. 

U.S. oil production was up for the week ending November 13, at 10.9 million bpd, according to the Energy Information Administration—2.2 million bpd lower than the all-time high of 13.1 million bpd reached in March. 

The API reported a build in gasoline inventories of 1.3 million barrels of gasoline for the week ending November 20—compared to the previous week's 256,000-barrel build. Analysts had expected a 614,000-barrel build for the week. 

Distillate inventories were down by 1.8-million barrels for the week, compared to last week's 5.024-million-barrel draw, while Cushing inventories fell by 1.4 million barrels.

­­

At 4:43 p.m. EDT, the WTI benchmark was trading at $44.69, while Brent crude was trading at $47.76.

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