• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 49 mins WTI @ $75.75, headed for $64 - 67
  • 15 hours The Dirt on Clean Electric Cars
  • 6 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours These are the world’s most competitive economies: US No. 1
  • 22 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours The end of "King Coal" in the Wales
  • 54 mins EU to Splash Billions on Battery Factories
  • 5 hours Coal remains a major source of power in Europe.
  • 13 hours Poland signs 20-year deal on U.S. LNG supplies
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs commodities expert Jeffrey…

South Korea Cuts Iran Oil Imports To Zero

South Korea Cuts Iran Oil Imports To Zero

U.S. ally South Korea has…

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:


x

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