• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 16 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 22 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 10 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 11 days Goldman Betting on Cryptocurrencies
  • 14 days Сryptocurrency predictions

Oil Prices Continue To Shed Gains On Small Inventory Build

The American Petroleum Institute (API) reported a slight build this week for crude oil of 593,000 barrels, while analysts predicted a draw of 633,000 barrels.

The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in the week ending August 26, leaving the SPR with just 450 million barrels.

In the week prior, the API reported a draw in crude oil inventories of 5.632 million barrels after analysts had predicted a draw of 448,000 barrels.

WTI was trading down on Tuesday on inflation concerns and fears of a slowdown in economic growth. WTI was trading down 5.08% on the day at 4:50 p.m. ET at $92.08 per barrel—more than $7 per barrel up on the week. Brent crude was trading down 5.19% on the day at $99.64 after rallying significantly the week prior over Saudi comments that OPEC+ could cut output, citing a “disconnect” between prices and fundamentals.    

U.S. crude oil production data for the week ending August 19 fell again by 100,000 bpd to 12.0 million bpd, according to the latest weekly EIA data.  

The API reported a draw in gasoline inventories this week of 3.414 million barrels for the week ending Aug 26, compared to the previous week's 268,000-barrel build. 

Distillate stocks saw a draw of 1.726 million barrels for the week, compared to last week's 1.051-million-barrel increase. 

Cushing inventories were down by 599,000 barrels this week. Last week, the API saw a Cushing build of 679,000 barrels. Official EIA Cushing inventories for the week ending August 19 was 25.807 million barrels, up from 25.381 million barrels in the prior week.

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