• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 7 hours The 5 Scary New Rules Of Upside-Down Capitalism
  • 1 hour Hydrogen Hurdles in Japan
  • 3 hours Winter Storms Hitting Continental US
  • 16 hours More dumbed down? re Hong Kong Act of Congress
  • 8 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 8 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 10 hours Impeachment S**te
  • 5 hours Aramco IPO magic trick
  • 9 hours Contaminated Oil
  • 21 hours U.S. Shale Output may Start Dropping Next Year
  • 8 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 18 hours Petroleum Industry Domain Names
  • 23 hours Crazy Stories From Round The World
  • 8 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 8 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment

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
Download on the App Store Get it on Google Play