• 2 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 4 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 2 hours Clean Energy Is Canceling Gas Plants
  • 15 hours GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 4 hours Rethinking election outcomes for oil.
  • 6 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 2 days America's Frontline Doctors - Safely Start Living Again!
  • 15 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 2 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 6 hours Video Evidence that the CCP controls Joe Biden
  • 17 hours Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
  • 2 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 3 days Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
2021 Could Be A Much Better Year For Canadian Oil

2021 Could Be A Much Better Year For Canadian Oil

Canadian producers are set to…

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