• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 18 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days 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
  • 3 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 15 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Oil Prices Down As API Reports Yet Another Crude Build

The latest American Petroleum Institute (API) report shows a crude oil build more than two times larger than experts expected, after last week’s government report revealed a record 14.4 million barrel increase in domestic inventories.

The API reported a 4.4-million-barrel build in oil supplies in lieu of the two-million-barrel spike that Zerohedge’s industry insiders had anticipated.

Oil prices were down slightly after the API numbers were released. As of this article’s writing, West Texas Intermediate is down 0.13 percent at $44.83, while Brent is down 0.54 percent at $45.90.

Gasoline supplies saw a 3.6-million-barrel draw – more than two times bigger than the 1.5-million-barrel decrease forecasted. This is the third straight week of U.S. gas supply declines.

Taking on a 4.3-million-barrel draw, distillates saw the seventh week in a row of inventory drops.

The API’s results will either be confirmed or denied by the United States Energy Information Administration (EIA) report, which will be released tomorrow.

Related: The Pen Is Mightier Than The Pump: The Danger Of Shorting An OPEC Deal

The EIA’s report has been watched even more closely than normal due to growing doubts that OPEC will manage to hammer out an output freeze deal. In addition to Iraq’s insistence to be exempted from any such deal because of its urgent need for oil revenues to continue fighting IS, news came that Libya and Nigeria are quickly increasing their output, seeking to make up for lost revenues.

Hopes are dwindling that, even if an agreement is reached and even if Russia joins it, market balanced would be restored, as Libya and Nigeria – both already exempt from the freeze talks – added a combined 800,000 barrels to global oil supply last month.

Zainab Calcuttawala 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