• 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
  • 4 hours Joe Biden's Presidency
  • 3 hours The Debate Starts : Remake Republican Party vs. Third Party
  • 1 min An exciting development in EV Aviation: Volocopter
  • 4 hours Did I Miss Something?
  • 1 day The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 13 hours JACK MA versus Xi Jinping
  • 1 day A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 1 day Minerals, Mining and Industrial Ecology
Pipeline Woes Hit Libya Oil Production

Pipeline Woes Hit Libya Oil Production

A leak that forced the…

Oil Rallies Despite Growing Demand Concerns

Oil Rallies Despite Growing Demand Concerns

Oil prices rebounded on Tuesday…

Oil Prices Rise After API Reports Significant Draw In Crude Inventories

The American Petroleum Institute (API) reported a draw of 5.222 million barrels of United States crude oil inventories for the week ending December 15, marking three large draws in as many weeks. Analysts had expected a smaller drawdown of 3.518 million barrels of the fuel.

Last week, the American Petroleum Institute (API) reported a large draw of 7.385 million barrels of crude oil, but had dampened enthusiasm that the oil bulls may have had by countering that with a build of 2.334 million barrels of gasoline.

This week, the API is reporting yet another build in gasoline inventories at 2.001 million barrels for the week ending December 15. The results came in close to forecasts for a 2.231-million-barrel build.

WTI and Brent were trading up earlier in the day as an Ineos press release foretold of weeks of delays on its Forties pipeline as custom parts are built, causing the pipeline to be shut down until then after a crack had been discovered. That pipeline outage, according to Bloomberg, is expected to take between 5.5 million and 13 million barrels of oil out of the market before the repairs are complete.

By Tuesday 10:32am EST, WTI was trading up .40% at $57.47 per barrel, while Brent crude was trading up .54% at $63.25.

Distillate inventories saw a draw this week, down 2.85 million barrels, against a forecast of a 1.327-million-barrel draw.

Inventories at the Cushing, Oklahoma, site increased by a modest 70,000 barrels this week.

The dip in US crude oil inventories comes after weeks and weeks of increasing oil production in the United States, growing from an average of 8.946 million bpd in the first week of January of this year and reaching an average of 9.780 million bpd for week ending December 8.

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

By 4:36pm EST, the WTI benchmark was trading up 0.63% on the day to $57.58, while Brent was trading up 0.72% on the day at $63.36.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Marcus Rönningås on December 20 2017 said:
    Good news ! Hopefully the oilprice will continue to rise and rise. It makes driving our EV "feel" even better. From a financially good decission to en even better one.

    And besides, it gives Oil companies an opportunity to increase profits so the can pay future lawsutis.

Leave a comment

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