• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 11 mins Joe Biden's Presidency
  • 1 min Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 3 hours SUVs are conquering the world
  • 8 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 11 hours BIG TECH or BIG BROTHER?? 1984 to Become Reality ??
  • 1 day Jim Rickards: Brace for a Great Escape from the Dollar and a Flood of Money into Gold and Bitcoin
  • 1 day China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 9 hours Rejoining Paris Climate Accord is Devestating
  • 34 mins Parler’s New Partner Has Ties to the Russian Government
  • 12 hours Bankruptcy in the Industry
  • 16 hours Aramco in Talks on $2 Bln Loan from Japan
  • 1 day The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day GENERAL NORMAN SCHWARZKOPF: The Third Tour
5 Oil And Gas Predictions For 2021

5 Oil And Gas Predictions For 2021

Following one of the least…

Iran Begins Boosting Oil Production

Iran Begins Boosting Oil Production

Iran has started ramping up…

Oil Prices Rally Despite Another Inventory Build

The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 8.440 million barrels for the week ending May 1 as the demand destruction continues and storage space nears its upper limits.

Today’s inventory build was expected to be 8.125 million barrels.

In the previous week, the API estimated a large build in crude oil inventories of 9.978 million barrels, while the EIA’s estimates were for a slightly smaller build of 9.0 million barrels for that week.

Oil prices were trading up on Tuesday afternoon prior to the API’s data release, as the market starts to muster up hope that OPEC production cuts that were supposed to go into effect on May 1 will combine with increased oil demand on the global front, which Goldman Sachs suggests has risen by 2.5 million barrels per day from its 2020 low point in mid-April. Along with lower supplies expected out of OPEC, the United States is seeing its own drop in production, from 13.1 million bpd at its height to 12.1 million bpd for April 24, according to the Energy Information Administration.

At 12:14 pm EDT on Tuesday the WTI benchmark was trading up on the day by $3.22 (+14.14%) at $26—double the price from this time last week. The price of a Brent barrel was also trading up on Tuesday, by $3.29 (+12.10%), at $30.49—up roughly $10 per barrel week on week.

The API reported a draw of 2.237 million barrels of gasoline for week ending May 1, after last week’s 1.108-million-barrel draw. This week’s build compares to analyst expectations for a 325,000-barrel build for the week.

Distillate inventories were up by 6.143 million barrels for the week, compared to last week’s 5.462-barrel build, while Cushing inventories saw a gain of 2.681 million barrels.

At 4:33 pm EDT, WTI was trading at $24.60 while Brent was trading at $31.11.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Andrew Doolittle on May 05 2020 said:
    When last I checked West Canada Select was still very much negatively priced.

    At least now we know where the bailout money was/is being spent though.
  • Andrew Doolittle on May 05 2020 said:
    When last I checked West Canada Select was still very much negatively priced.

    At least now we know where the bailout money was/is being spent though.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News