X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 45 mins U.S. Presidential Elections Status - Electoral Votes
  • 18 hours Interest article about windmills and waterwheels in Europe
  • 1 day Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 2 days Speaker Pelosi, "Tear Down This Wall"
  • 13 hours Retired RAF pilot wins legal challenge over a wind farm
  • 2 days Disaster looming in UK offshore wind power
  • 1 day “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
Oil Major Total Makes Big Bet On Green Hydrogen

Oil Major Total Makes Big Bet On Green Hydrogen

French supermajor Total looks to…

Oil Prices Rise After API Reports Very Large Crude Draw

The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller 3.081-million barrel draw.

Last week, the API reported a draw of 5 million barrels. A day later, the EIA estimated a much smaller inventory drawdown of 1.1 million barrels.

The net build is just 13.56 million barrels for the 28-week reporting period so far this year, using API data.

Oil prices were up on Tuesday as the market grows increasingly leery of the mounting tensions in the Middle East that continue to threaten the world’s transport of crude.  

At 4:01pm EST, WTI was trading up by $0.31 (+0.54%) at $57.97—less than a $1.00 over last week’s levels—a surprisingly low rise given the tumultuous times in the Middle East. Brent was trading down $0.17 (+0.27%) at $64.28—up almost $1 over this time last week

The API this week reported a 257,000-barrel draw in gasoline inventories for week ending July 4. Analysts estimated a larger draw in gasoline inventories of 1.301-million barrels for the week.

Distillate inventories grew by 3.690 million barrels for the week, while inventories at Cushing fell by 754,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending June 28 rose slightly this week to 12.2 million bpd, just 200,000 bpd off the all-time high of 12.4 million bpd.

The U.S. Energy Information Administration report on crude oil inventories is due to be released at its regularly scheduled time on Wednesday at 10:30a.m. EST.

By 4:37pm EST, WTI was trading at $58.05 while Brent traded at $64.34.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Michael Bennett on July 10 2019 said:
    How are oil prices increasing with an increase of supply and global push toward cleaner, renewable energy?

Leave a comment

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