• 1 day Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 2 days Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 4 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 5 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Brent Soars As Canadian Crude Crashes

Brent Soars As Canadian Crude Crashes

The Forties Pipeline outage has…

U.S. Shale Looks Beyond The Sweet Spots

U.S. Shale Looks Beyond The Sweet Spots

Increased efficiency and healthier corporate…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Oil Prices Inch Higher After API Reports Moderate Crude Build, Gasoline Draw

CVR refinery

The American Petroleum Institute (API) reported a build of 1.91 million barrels in United States crude oil inventories, compared to fairly accurate expert predictions that domestic supplies would see a 2-million-barrel build.

Oil prices had risen earlier on Tuesday on news of a force majeure of Sharara crude from Libya’s Zawiya terminal and of Wafa condensate loadings from Mellitah terminal, taking 252,000 barrels per day off the top of Libya’s production figures. It has been an industry fear that Libya’s production, exempt from OPEC’s production cuts, would undo OPEC’s efforts to collectively curtail production.

By 4:00pm EST, the news about Libya’s lowered output perked up prices somewhat—tempered by fears of high US supplies—and the WTI benchmark was trading up 1.34% at $48.37 per barrel—almost 10 cents per barrel above last week’s levels. Brent was trading up 1.12% at $51.32 per barrel, about 30 cents above last week figures.

Tuesday prices were also buoyed by OPEC-member and analyst chatter that surmised the OPEC cut agreement would be extended beyond June.

The chart below shows that the API is still showing an overall hefty build over the previous 13 weeks of roughly 41 million barrels.

  

(Click to enlarge)

Cumulative builds/draws API data since January 4 2017

Inventories at the Cushing, Oklahoma, facility fell this week by 576,000 barrels after weeks of builds.

While experts expected another draw week for gasoline—this time a 2-million-barrel draw—the market was disappointed by the smaller 1.104-million-barrel draw.

Distillates also saw a draw this week of 2.035 million barrels, continuing its streak of draws over multiple weeks.

Both benchmarks began to slide after API released the data, with WTI trading up 1.32% at $48.36 around 5:00pm EST, with Brent trading up 1.06% at $51.29 per barrel. All eyes will be on tomorrow’s EIA report to see if it backs up today’s API figures. Any significant discrepancy tomorrow will likely move both benchmarks.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • MAK on March 29 2017 said:
    as an interested observer it is amusing that is seems OK because it is a predicted surplus

Leave a comment

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