• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 4 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 11 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 9 hours Will Uncle Sam Step Up and Cut Production
  • 15 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 38 mins 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 25 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 30 mins CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 24 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
OPEC Oil Production Continues To Slide As Saudis Cut Deeper

OPEC Oil Production Continues To Slide As Saudis Cut Deeper

OPEC’s crude oil production fell…

Saudi Arabia’s Newest Strategy To Send Oil Prices Higher

Saudi Arabia’s Newest Strategy To Send Oil Prices Higher

Saudi Arabia’s efforts have been…

Oil Prices Pull Higher After API Reports Draws Across The Board

gasoline pump

The American Petroleum Institute (API) reported a draw of 1.3 million barrels in United States crude oil inventories, compared to analyst expectations for a crude oil build of 125,000 barrels.

API also reported a significant gasoline inventory draw of 3.7 million barrels, compared to predictions of a 1.8-million-barrel draw.

Distillates saw a 1.6-million-barrel draw compared to an expected 1.3-million-barrel draw for the fuel.

Inventories at the Cushing, Oklahoma, site fell by 358,000 barrels, following last week’s 1.34-million-barrel build.

Oil prices rose to five-week highs after Friday’s reports of U.S.-ordered airstrikes against Syrian infrastructure, followed by production outages from Libya’s largest oilfield, and late-breaking news on Tuesday that suggested Saudi Arabia would support OPEC production cuts. Despite the overarching sentiment that the American Petroleum Institute would report a build late Tuesday afternoon, WTI was trading up 0.36% at $53.27 at 1:20pm EST, while Brent Crude traded at $56.03, up .09% on the day. These per-barrel prices are more than $2.00 higher than this time last week.

This week’s draw in crude oil inventories is only the sixth draw in the last 15 weeks, using API data, with the API still reporting an overall hefty build over the previous 15 weeks of roughly 37.9 million barrels.

Related: Oil Markets Turn Bullish Amid Spiking Geopolitical Risk

(Click to enlarge) 

The disconnect between the API’s and EIA’s data is significant, with the EIA reported only two draws over the last fourteen weeks, with a total build of 49.5 million in that timeframe.

(Click to enlarge)

Tomorrow at 10:30am EST, traders will be hanging on the EIA data to see if it agrees with this week’s draw as reported by the API.

For now, the market seems satisfied with the API’s reported draw. At 4:58pm EST, WTI was trading up 0.6% on the day at $53.40, and Brent Crude was trading up .46% at $56.24. OPEC will also release its Monthly Oil Market Report tomorrow—another market mover that is expected to push up prices as early reports show that OPEC over-complied in March.

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
Download on the App Store Get it on Google Play