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Oil Prices Fall Further After API Reports Crude Inventory Build

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.927 million barrels for the week ending March 19.

Analysts had predicted a much smaller inventory build of 272,000 barrels for the week.

In the previous week, the API reported a draw in oil inventories of 1 million barrels after analysts had predicted build of 2.964 million barrels.

After oil prices fell last week, they fell even further on Tuesday ahead of today's data.

At 4:00 p.m. ET, before Tuesday's data release, WTI had fallen by $3.91 on the day (-6.35%) to $57.48—a $7 per barrel decrease from last week as new EU lockdowns threaten to further dampen oil demand and as speculators look to liquidate their long positions.

The Brent crude benchmark had also fallen on the day $4.13 at that time (-6.39%) to $60.49—about $8 per barrel down on the week.

U.S. oil production stayed the same for the week ending March 12 at 10.9 million bpd, according to the latest data from the Energy Information Administration.

The API reported a draw in gasoline inventories of 3.728-million barrels for the week ending March 19—on top of the previous week's 926,000-barrel draw. Analysts had expected a 1.186-million-barrel build for the week.

Distillate stocks saw an increase in inventories this week of 246,000 barrels for the week, after last week's 904,000-barrel increase.

Cushing inventory figures fell by 2.282 million barrels.

Enbridge tanks at main Cushing area as of March 19. Image courtesy of GeoSpatial Insight

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Post data release, at 4:38 p.m. EDT, the WTI benchmark was trading at $57.52, while Brent crude was trading at $60.52.

By Julianne Geiger for Oilprice.com

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  • George Doolittle on March 23 2021 said:
    Clear highways(no snow) and far above normal temperatures East of the Mississippi River has caused gasoline consumption to plunge thanks to all the battery electric vehicles now and suddenly driving on US Highways.

    Good luck trading gasoline futures tomorrow as those traders are going to need a miracle to save that price from plunging by who knows by how much. 90% sounds about right to me tho and given slack demand in the ICE vehicle Platform in the USA going on forever now.
  • George Doolittle on March 23 2021 said:
    Clear highways(no snow) and far above normal temperatures East of the Mississippi River has caused gasoline consumption to plunge thanks to all the battery electric vehicles now and suddenly driving on US Highways.

    Good luck trading gasoline futures tomorrow as those traders are going to need a miracle to save that price from plunging by who knows by how much. 90% sounds about right to me tho and given slack demand in the ICE vehicle Platform in the USA going on forever now.

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