• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 44 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 1 hour Total nonsense in climate debate
  • 1 hour IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 13 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 23 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day IMO2020 To scrub or not to scrub
  • 5 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 49 mins Apple Boycott in China
  • 5 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
Headline Hysteria Suggests Tesla Reversal

Headline Hysteria Suggests Tesla Reversal

There’s been good reason to…

Oil Prices Rise After API Reports Small Drop In Gasoline Stockpiles

crude by rail

The American Petroleum Institute (API) reported a build in crude oil inventory of 1.26 million barrels for the week ending February 15, coming in under analyst expectations that predicted a build in crude oil inventories to the tune of 3.080 million barrels.

Last week, the API reported a small but unexpected crude draw of 998,000 barrels. A day later, the EIA reported a larger one of 3.6 million barrels. 

Oil prices were trading up earlier on Tuesday, with WTI trading up $0.80 (+1.42%) at $57.25, while the Brent crude benchmark was trading up $0.68 (+1.02%) at $67.13. Both benchmarks were up on significantly on the week as oil bulls dare to bet on a trade resolution between China and the United States, and as OPEC data shows that Saudi Arabia is willing and able to cut production as promised—and then some. Venezuela’s falling oil production is yet another bullish factor. 

The API this week reported a draw in gasoline inventories for week ending February 15 in the amount of 1.55 million barrels. Analysts estimated a smaller draw in gasoline inventories of 350,000 barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending February 8—the latest information available—averaged 11.9 million barrels per day for the fifth week in a row.

Distillate inventories decreased this week by 758,000 barrels, compared to an expected draw of 1.691 million barrels.

Crude oil inventories at the Cushing, Oklahoma facility grew by 3.24 million barrels for the week.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00a.m. EST.

By 4:40pm EST, WTI was trading up at $57.20 and Brent was trading up at $67.02.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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