X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 7 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 1 day Retired RAF pilot wins legal challenge over a wind farm
  • 3 days Interest article about windmills and waterwheels in Europe

Oil Prices Head Lower Following Inventory Builds

The American Petroleum Institute (API) has estimated surprise crude oil inventory build of 1.1 million barrels for the week ending January 10, compared to analyst expectations of a 474,000-barrel draw in inventory.

Last week saw a large draw in crude oil inventories of 5.95 million barrels, according to API data. The EIA’s estimates, however, were of a build of 1.2 million barrels for that week.

Oil prices were up earlier in the day prior to the afternoon data release, but were down significantly week on week after the initial shock wore off from the US airstrikes in Iraq that killed an Iranian military general Qassem Soleimani and corresponding retaliatory actions by Iran.

At 3:34 pm EST, the WTI benchmark was trading up $0.25 (+0.43%) at $58.33—roughly $4 per barrel below last week’s inflated levels. The price of a Brent barrel was also trading up on Tuesday, by $0.40 (+0.62%), at $64.60—also nearly $4 under last week’s prices.

The API this week also reported another build of 3.2 million barrels of gasoline for week ending January 10, after last week’s large 6.7-million-barrel build. This week’s large gasoline build compares to analyst expectations of a 3.386-million barrel-build for the week.

Distillates, too, saw inventories increase by 6.8 million barrels for the week, adding onto last week’s 6.40 million barrel build, while Cushing inventories saw no change.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending January 3 stayed for the third week in a row at 12.9 million bpd, a record high for the United States. 

At 4:44 pm EDT, WTI was trading at $58.43, while Brent was trading at $64.64.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News