• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days Energy Armageddon
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Goldman Betting on Cryptocurrencies
  • 6 days Сryptocurrency predictions
  • 11 days Putin and Xi Bet on the Global South

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.

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