• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour How Far Have We Really Gotten With Alternative Energy
  • 12 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Bullish Sentiment Finally Breaks Out in Oil Markets

Bullish Sentiment Finally Breaks Out in Oil Markets

Bullish sentiment is finally seeping…

Oil Prices Inch Lower After API Reports Crude, Gasoline Build

As oil prices continue to fall, the American Petroleum Institute (API) reported a mild build of 800,000 barrels of United States crude oil inventories for the week ending June 8, compared to analyst expectations that this week would see a much larger draw in crude oil inventories of 2.744 million barrels.

Last week, the American Petroleum Institute (API) reported a build of 2.028 million barrels of crude oil.

However, the API reported a surprise buildup in gasoline inventories for week ending June 8 in the amount of 2.33 million barrels. Analysts had expected a much smaller build of 443,000 barrels.

While Nigeria reported diminishing oil exports in the wake of force majeure on Bonny Light oil, both Saudi Arabia and Russia this week reported increased oil production for the month of May, at 10.0 million bpd and 11.09 million bpd respectively, sending mixed signals to the oil market. At 2:48 EDT, the WTI benchmark was trading up on the day on Tuesday afternoon at $66.33 (+0.35%). The Brent benchmark dipped by $0.69 and was trading at $75.77—a 0.90% decrease on the day.

US crude oil production for yet another week for week ending June 01—the most recent data available—increased to 10.800 million bpd, according to the EIA.

Distillate inventories also saw a surprise build this week of 2.1 million barrels, compared to an expected build of a modest 200,000 barrels, while inventories at the Cushing, Oklahoma, site fell by 730,000 barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30am EDT.

By 4:40pm EST, both benchmarks started to slip, with the WTI benchmark trading up 0.17% on the day to $66.21 and Brent trading down 0.94% at $75.74.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Citymoments on June 12 2018 said:
    Just Iike to add, the historical EIA RECODRS indicates: June is always the month, crude and gasoline inventories build in large volume, this is the month most refineries build inventories for busy summer driving season. If it is not built right now, the gas stations will be dry in the next three months. I checked way back 2011, this is the seasonal pattern every year, except the year of GFC 2009. If this coming July, inventory does not decline, we are heading towards recession which is highly unlikely.

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