• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 20 mins Permafrost Melting Will Cost Us $70 Trillion
  • 1 hour California is the second biggest consumer of oil in the U.S. after Texas.
  • 2 hours Let's just get rid of the Jones Act once and for all
  • 24 mins Saudi, UAE Overstate Their Oil Capacities?
  • 21 hours At Kim-Putin Summit: Theater For Two
  • 16 mins Robots And Emotions: Simulated Love Is Never Love
  • 21 hours NAFTA, a view from Mexico: 'Don't Shoot Yourself In The Foot'
  • 1 day UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 18 hours "Undeniable" Shale Slowdown?
  • 1 day Nothing Better than Li-Ion on the Horizon
  • 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 1 day Russia To Start Deliveries Of S-400 To Turkey In July
  • 21 hours Gas Flaring
Oil Falls On Rising Crude Inventories

Oil Falls On Rising Crude Inventories

Crude oil prices fell slightly…

Iraqi Oil Industry Takes A Critical Turn

Iraqi Oil Industry Takes A Critical Turn

New natural gas projects in…

Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

The American Petroleum Institute (API) reported a large draw of 5.481 million barrels of United States crude oil inventories for the week ending December 1, while analysts had expected a drawdown of 3.507 million barrels. The draw may embolden oil bulls who were left wanting after the OPEC meeting failed to lift prices as many had hoped.

Last week, the American Petroleum Institute (API) reported a surprise build of 1.821 million barrels of crude oil when analysts had expected a drawdown of 3.15 million barrels. A day later, however, the EIA reported a 3.4-million-barrel draw, more in line with analyst expectations.

Gasoline inventories, on the other hand, saw a massive build this week of 9.196 million barrels for the week ending December 1, compared to forecasts of a much smaller 1.145-million-barrel build.

This week’s unexpectedly large build in gasoline inventories is likely to put downward pressure on oil prices.

Oil prices were mixed heading into today’s data, with WTI down $.02 (-0.03%) at $57.45 at 12:06pm EST, and Brent crude up $0.14 (-0.22%) at $62.59—both benchmarks down from prices just two days before the OPEC meeting last week, despite OPEC’s promise to continue the production cuts through the end of 2018.

Related: Don’t Count On A Utah Shale Boom

Distillate inventories, too, saw a build this week, up 4.259 million barrels, against a forecast of a 548,000-barrel build.

Inventories at the Cushing, Oklahoma, site decreased by 1.951 million barrels this week.

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

Shortly after data release, the WTI benchmark was down 0.35% on the day to $57.67 at 4:38pm EST. Brent was trading down 0.75% on the day at $62.92.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tony on December 05 2017 said:
    And the new tax bill approves drilling in Alaska. Drill baby Drill. Make America self-dependent again.
  • Kroger on December 05 2017 said:
    Good, I'd hate to see an gasoline price increase ruin holiday spending. This is great news for the economy. We've got gas coming out of the ying yang. Take that OPEC we don't need your lousy oil.

Leave a comment

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