• 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 ?
  • 15 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 hours 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
  • 2 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day "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
China Masters The Art Of Soft Power

China Masters The Art Of Soft Power

Like every other way we…

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

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