• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 20 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 mins Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 23 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 10 days Wind droughts
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South

Oil Prices Rebound On Larger Than Expected Crude Draw

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 5.272 million barrels for the week ending January 22.

Analysts had predicted an inventory smaller draw of 430,000 barrels for the week.

In the previous week, the API reported a build in oil inventories of 2.562-million barrels, after analysts had predicted a draw of 1.167 million barrels.

Oil prices were trading down on Tuesday ahead of the data release.  China lockdowns, the IEA's grim outlook on oil demand, a slow global rollout of the coronavirus vaccine, and a potential delay or hiccup in the next round of stimulus payments that the new administration said would be pushed through right away is dragging on prices.

A half-hour before Tuesday's data release, WTI had fallen by $0.27 on the day (-0.51%) to $52.50, down $0.80 since last Wednesday.

The Brent crude benchmark had fallen on the day $0.06 at that time (-0.11%) to $55.82—down $0.70 on the week.

U.S. oil production has remained steady at 11.0 million bpd for six weeks in a row, according to the latest data provided by the Energy Information Administration, with limited expectations of any rapid production increases as oil companies tread carefully.

The API reported a build in gasoline inventories of 3.058 million barrels for the week ending January 22—compared to the previous week's 1.129-million-barrel build. Analysts had expected a 1.764-million-barrel build for the week.

Distillate stocks saw an increase of 1.398 million barrels for the week, adding onto last week's 816,000-barrel increase, while Cushing inventories fell by 3.475 million barrels.

­­

At 4:36 p.m. EDT, the WTI benchmark was trading at $52.55, while Brent crude was trading at $55.87.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on January 26 2021 said:
    Not sure what "expectations" even means anymore I think should be pointed out. The USA appears to be ramping up refining operations which is normative for this time of year of course.

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