• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 14 minutes Saudi Fund Wants to Take Tesla Private?
  • 18 minutes California Solar Mandate Based on False Facts
  • 2 hours Starvation, horror in Venezuela
  • 6 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 3 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 9 hours Why hydrogen economics is does not work
  • 4 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 5 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 13 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 4 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 12 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 15 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
  • 18 hours What Turkey Sanctions Are Really About
  • 18 hours < sigh > $90 Oil Is A Very Real Possibility
  • 16 hours Saudi Production Cut or Demand Drop?
Is This Europe’s Newest Oil & Gas Producer?

Is This Europe’s Newest Oil & Gas Producer?

Portugal has a troubled oil…

What Would A Hard Brexit Mean For British Oil?

What Would A Hard Brexit Mean For British Oil?

Despite nearly 14 months of…

Oil Prices Fall After API Reports Crude, Gasoline Build

Oil infra

The American Petroleum Institute (API) reported a build of 3.947 million barrels of United States crude oil inventories for the week ending February 9, according to the API data. Analysts had expected a smaller build of 2.825 million barrels in crude oil inventories.

Last week, the American Petroleum Institute (API) reported a build of 1.050 million barrels of crude oil, along with a draw in gasoline inventories of 227,000 barrels.

This week’s data paints an uglier picture, with the API reporting not only a higher than expected build for crude oil, but a larger than expected gasoline build of 4.634 million barrels. Analysts had expected a small 1.229-million-barrel build.

The WTI and Brent benchmarks both were a mixed bad on Tuesday with WTI trading down $0.06 (-0.10%) at $59.23, while Brent trading up $0.15 (+0.24%) at $62.74 at 2:19pm EST. Both benchmarks are about $4 under this same time last week, in what has been an ugly week for oil prices. IEA’s Oil Market Report, released earlier on Tuesday, painted a grim picture for oil prices that shows US production growth outstripping demand growth—with some investors worried that another 2014 may be soon upon us.

US crude oil production for week ending February 2 is also up, coming in at 10.251 million bpd, yet another new high—and one that is psychologically important as this is the first time weekly US production has ever breached an average of 10 million bpd.

Distillate inventories saw a modest increase this week of 1.1 million barrels. Analysts had forecast a decline of 1.130-million-barrels.

Inventories at the Cushing, Oklahoma, site decreased by 2.319 million barrels this week.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30. EST.

By 4:36pm EST, the WTI benchmark was trading down 0.62% on the day to $58.92 while Brent was trading down 0.06% on the day at $62.55.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News