X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 23 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 1 day NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 5 hours Retired RAF pilot wins legal challenge over a wind farm
  • 8 hours Speaker Pelosi, "Tear Down This Wall"
  • 8 hours Disaster looming in UK offshore wind power
  • 8 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 5 hours Minerals, Mining and Industrial Ecology
  • 7 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 20 mins U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 10 hours Pipeline vs Train vs Ship to Transport Crude Oil.
Iran Doubles Down On Nuclear Ambitions As It Expands Oil Influence

Iran Doubles Down On Nuclear Ambitions As It Expands Oil Influence

Iran dramatically sharpened its nuclear…

Oil Major Total Makes Big Bet On Green Hydrogen

Oil Major Total Makes Big Bet On Green Hydrogen

French supermajor Total looks to…

Oil Prices Jump On Significant Crude Draw

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 8.587 million barrels for the week ending July 31.

Analysts had predicted a modest inventory draw of 3.267-million barrels.

In the previous week, the API reported a significant—and unexpected--draw in crude oil inventories of 6.829 million barrels, after analysts had predicted a small build.

WTI was trading up on Tuesday afternoon before the API’s data release, as the market largely expected an inventory draw, ignoring the kickoff of OPEC’s reduced production cut that went into effect on August 1.

Oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11.1 million bpd for July 24, where it sat for the second week in a row, according to the Energy Information Administration.  

At 2 pm EDT on Tuesday, the WTI benchmark was trading up on the day by $1 (+2.44%) at $42.01—about $1 above last week’s levels. The price of a Brent barrel was trading up as well, by $0.62 (+1.40%), at $44.77—up a little more than $1 per barrel than this time last week.

The API reported a draw of 1.748 million barrels of gasoline for the week ending July 31—compared to last week’s 1.083-million-barrel build. This week’s draw compares to analyst expectations for a 170,000-barrel draw for the week.

Distillate inventories were up by 3.824 million barrels for the week, compared to last week’s 187,000-barrel build, while Cushing inventories saw an increase of 1.63 million barrels.

At 4:35 pm EDT, WTI was trading at $41.53 while Brent was trading at $44.32.

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