 |
Louisiana Light • 2 days | 75.78 | -0.87 | -1.14% | ||
|
Bonny Light • 2 days | 78.61 | -2.67 | -3.28% | ||
|
Opec Basket • 2 days | 79.69 | -2.90 | -3.51% | ||
|
Mars US • 32 days | 79.71 | -2.05 | -2.51% | ||
|
Gasoline • 56 mins | 2.110 | -0.024 | -1.12% |
|
Bonny Light • 17 hours | 78.55 | -0.06 | -0.08% | ||
|
Girassol • 17 hours | 78.88 | -0.24 | -0.30% | ||
|
Opec Basket • 2 days | 79.69 | -2.90 | -3.51% |
|
Peace Sour • 16 hours | 56.79 | -1.03 | -1.78% | ||
|
Light Sour Blend • 16 hours | 60.64 | -1.03 | -1.67% | ||
|
Syncrude Sweet Premium • 16 hours | 65.24 | -1.03 | -1.55% | ||
|
Central Alberta • 16 hours | 58.79 | -1.03 | -1.72% |
|
Eagle Ford • 2 days | 69.52 | -1.03 | -1.46% | ||
|
Oklahoma Sweet • 2 days | 69.50 | -0.75 | -1.07% | ||
|
Kansas Common • 17 hours | 62.50 | -0.75 | -1.19% | ||
|
Buena Vista • 2 days | 79.16 | -1.03 | -1.28% |
Breaking News:
What Peak Demand for Fossil Fuels Will Look Like
The International Energy Agency's World…
Oil Ticks Down on Crude, Fuels Inventory Build
Oil prices edged lower on…
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
ADVERTISEMENT
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
More Top Reads From Oilprice.com:
- Three Commodities Set To Boom As The Global Economy Recovers
- Oil Drops As IEA Dashes Hopes Of Supercycle
- Did Warren Buffett Anticipate A Bull Run In Natural Gas?
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
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.
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.