• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 13 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 17 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 59 mins Forecasts for Natural Gas
  • 10 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
Russia's Energy Influence In Europe Is Growing

Russia's Energy Influence In Europe Is Growing

Russia’s energy influence in Europe…

Oil Prices Rise After API Reports Major Crude Draw

As oil prices continues to fall, the American Petroleum Institute (API) reported a major draw of 9.228 million barrels of United States crude oil inventories for the week ending June 22 compared to analyst expectations that this week would see a much smaller draw in crude oil inventories of 2.572 million barrels.

Last week, the American Petroleum Institute (API) reported a draw of 3.016 million barrels of crude oil.

The API reported another buildup in gasoline inventories for week ending June 22, this week in the amount of 1.152 million barrels. This was close to analyst expectations of a build of 1.313 million barrels.

Crude oil prices spiked today on the back of anticipated oil export disruptions in Libya after the Libyan National Army said it had passed control of the country’s oil ports to a non-officially recognized National Oil Corporation affiliated with the eastern government of the country based in Benghazi. Further support to oil prices come as the United States continues to pressure countries to cease buying oil from Iran.

By 3:40pm EDT, WTI was trading at $70.43, up $2.35 (+3.45%). Brent crude was trading at $76.15, up $1.60 (+2.15%).

Related: WTI-Brent Spread Narrows On Canada Oil Crisis

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 08, holding fast for the week ending June 15, according to the EIA.

Distillate inventories saw a build this week of 1.785 million barrels, compared to an expected build of 774,000 barrels, while inventories at the Cushing, Oklahoma, site fell again this week, by 1.741 million barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30am EDT.

By 4:36pm EST, oil prices held steady, with the WTI benchmark trading up 3.61% on the day to $70.54 and Brent trading up 2.31% at $76.27.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh G Salameh on June 27 2018 said:
    Between them, the API and the EIA perform “a good boy bad boy act” when it comes to movements in the US crude and product inventories.

    Yesterday the API reported a draw of 9.228 million barrels of US crude oil inventories for the week ending June 22, 2018 and a build-up of 1.152 million barrels in gasoline inventories.

    Therefore, it would be a safe bet to expect the EIA to announce a huge build-up in its crude and gasoline inventories when it releases its report today.

    The EIA has been for ages using reported increases in its crude and gasoline inventories to manipulate oil prices. However, the global oil market has got wiser to such ploys.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Frank on June 26 2018 said:
    It's late June and commercial stockpiles are still far higher than at any point in history prior to 2015. Apparently no one is interested in the fundamentals of a dying industry. This market is rigged.

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