• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 38 mins Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 4 hours How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 4 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 4 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
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 Falls As API Reports A Significant Build To Crude, Gasoline Inventories

Oil prices fell on Tuesday after the American Petroleum Institute’s (API) weekly report showed a large build of 4.68 million barrels in the United States’ crude inventory levels, instead of the expected 1.5 million-barrel draw.

The build comes after last week’s report from the Energy Information Administration (EIA) that showed a 2.4 million barrel drop in commercial inventories the week prior.

Gasoline inventories have seen builds over the past five weeks, just as winter takes over and demand for the product declines. This time around, gasoline saw the biggest jump – 3.905 barrels - since January.

Crude levels at the Cushing, Oklahoma storage facility increased by 632,000 barrels – far lower than the 3.2 million barrel jump experts anticipated, according to Zero Hedge. Still, crude levels at the site have been on the up-and-up since October, and this week’s report continues the trend, with a monumental build of 4.01 million barrels as of last week’s report—the biggest weekly build since 2008, according to the agency.

This edition of API projections will either be confirmed or denied in tomorrow’s official EIA data. Since the last report, suspicions regarding the effectiveness of the OPEC deal have been dampened as Saudi Arabia, Iran and other partners affirmed their adherence to the quotas outlined in the agreement.

“There’s obvious optimism from the bulls on OPEC’s ability to come to an agreement with non-OPEC,” Paul Crovo, Philadelphia-based oil, equities analyst at PNC Capital, told ZH over the phone. “At the same time, there’s a reasonable level of trepidation” regarding supply response from U.S. shale

The price of WTI was down 0.83% to $52.39 a half hour after data release, while Brent traded down 0.88% at $55.20. Gasoline prices were down 0.85% to $1.5299.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • AllenCSC on December 13 2016 said:
    I turn to your article weekly for the API Report. I don't understand why the EIA report the next day is gospel, and the Tuesday report is treated as only a prelude. I would trust private industry reports more than government wonks personally, but that's not the market's opinion. Anyway, thanks for writing a clear report each week.

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