• 10 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 7 days "And this is perhaps the most dangerous kind of government there can be."
  • 2 days Demonising fossil fuels has caused major grid problem in Australia
  • 1 day "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 328 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Why Is The United States Still Exporting Fuel?

Why Is The United States Still Exporting Fuel?

The U.S. national average price…

Oil Prices Jump As Crude, Fuel Inventories Continue To Fall

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 6.108 million barrels for the week ending September 17.

It exceeded the analyst expectations who had estimated a loss of 2.400 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 5.437 million barrels—a larger loss than the 3.903 million barrel draw that analysts had predicted.

Oil prices rose on Tuesday leading up to the data release, with U.S. crude oil inventories falling weekly, OPEC+ production that is not as strong as the market had anticipated, and depressed oil production in the United States as a result of the aftermath of Hurricane Ida.

WTI rose 0.31% on Tuesday afternoon leading up to the data release.

At 2:42 p.m. EST, WTI was trading at $70.51—a roughly $0.30 gain on the week and $0.22 gain on the day. Brent crude was trading up 0.70% for the day at $74.44.

Oil inventories in the United States have drawn down considerably so far in 2021, shedding more than 76 million barrels according to API data, and below pre-pandemic levels. Meanwhile, the EIA’s latest data suggests that crude oil inventories in the United States are now 7% under the five-year average for this time of year, at 417.4 million barrels.

Most recently, U.S. oil production has been down more than a million bpd over the last couple of weeks, sitting at just 10.1 million bpd  for week ending September 10 as Hurricane Ida continued to shut in oil producers in the Gulf of Mexico. 16.64% of GoM oil production is still shut in today, according to the BSEE.

The API reported a draw in gasoline inventories of 432,000 barrels for the week ending September 17—compared to the previous week's 2.761-barrel draw.

Distillate stocks saw a decrease in inventories this week of 2.720 million barrels for the week, compared to last week's 2.888-million-barrel decrease.

Cushing inventories fell this week by 1.748 million barrels after last week's 1.345-million-barrel decrease.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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